Hungary’s 4iG has signed a binding sale and purchase agreement that will see it take a 100% stake in Vodafone Hungary.
The deal was reached by 4iG subsidiary Antenna Hungaria together with Vodafone Group and investment group Corvinus International Investment, which acted as a proxy for the Hungarian government. After carrying out due diligence, the enterprise value of the operator was agreed at HUF660 billion (US$1.78 billion).
TeleGeography reported that the deal is expected to close on 31st January 2023, with 4iG set to take an indirect controlling stake of 51% in Vodafone Hungary while the state will hold 49%. Given Vodafone’s position as Hungary’s second largest operator, the parties claimed the agreement to be “one of the most significant transactions in the history of Hungarian telecommunications.”
4iG chairman Gellert Jaszai said: “The acquisition of Vodafone Hungary opens a new chapter in the Hungarian telecommunications market. It is the first info-communications group in almost thirty years that can operate as a Hungarian majority-owned convergent operator.”