Saturday, September 24, 2022
HomeInternationalVodafone to sell Hungarian business for $1.8 billion

Vodafone to sell Hungarian business for $1.8 billion

British Vodafone announced on Monday that it would sell its Hungarian business for 715 billion forints ($1.8 billion) in cash, resulting in the creation of a locally-owned telecoms industry leader in the country of central Europe. 

The Hungarian 4iG and state-run Corvinus Zrt, the buyers, and the British mobile phone and broadband group claimed to have reached non-binding terms. 

The transaction, which excludes Vodafone’s shared services company VOIS, is expected to establish Hungary’s second-largest telecom operator.

“The Hungarian Government has a clear strategy to build a Hungarian owned national champion in the (Information and Communications Technology) sector,” Vodafone Chief Executive Nick Read said in a statement.

The sale is expected to be completed by the end of 2022.

Subscribe To Newsletter

ICYMI

BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.