Corvinus International Investments Zrt., Antenna Hungária Zrt., which operates as a subsidiary of 4iG Nyrt., and Vodafone Europe BV have signed an agreement on the purchase of Vodafone Magyarország Távközlési Zrt., Economic Development Minister Márton Nagy told MTI on Monday. Vodafone Hungary explained that it is committed to an excellent customer experience and the digital development of Hungary, and its services are fully operational and of the usual high quality.
According to the announcement, with the HUF 660 billion transactions, Antenna Hungária acquires 51 percent, while Corvinus Zrt., acting on behalf of the Hungarian State, acquires 49 percent indirect ownership from Vodafone Europe BV in the second largest Hungarian telecommunications company. This is the largest corporate acquisition of the post-system change period. The due diligence of Vodafone Hungary has been completed, the financial closing is expected to take place on January 31, 2023, the summary reads.
“Even in the economic situation affected by war and sanctions, we must not give up on the further strengthening of Hungary’s competitiveness and independence. The main goal of the Government is that, after the banking sector, the energy sector, and the media sector, majority national ownership will be established in sectors of national strategic importance, such as the insurance sector and telecommunications. This is served by the purchase of the ownership share of Vodafone Hungary, which further strengthens the sovereignty of our country”
– Márton Nagy said in his statement.
Through the acquisition, a Hungarian-owned, market-leading, “national champion” group of companies will be created in the domestic telecommunications sector, which can contribute to improving the country’s competitiveness in response to the digital challenges of the 21st century, and can provide outstanding, high-quality services to residential and corporate customers. for customers. At the same time, the transaction contributes to the strengthening of market competition, the reduction of costs, and the further strengthening of the service level, thus providing additional benefits for customers, the announcement states.
According to the information, Vodafone Hungary is the second largest player in the domestic telecommunications market, providing mobile, TV, broadband Internet, and landline phone services to more than 3.8 million residential and business subscribers, and the company employs more than 3,000 employees.
“Through the soon-to-be-completed investment, Corvinus International Investments Zrt. – on behalf of the state – acquires an important share in the telecommunications sector, in addition to the financial sector, in another sector of strategic importance from the point of view of the national economy”
– announced the Minister of Economic Development.
Vodafone Magyarország explained to MTI’s inquiry: it cannot provide any further information regarding the transaction.
They added that at the same time, it is important to emphasize that Vodafone Hungary’s business is uninterrupted and continuous, and its services are fully operational and of the usual high quality. The service provider remains committed to excellent customer experience and the digital development of Hungary.