Acquisition closed: Vodafone to disappear from Hungary

Antenna Hungaria, a unit of listed IT company 4iG, and state-owned Corvinus International Investment have closed the acquisition of Vodafone Hungary, the Economic Development Ministry said on Tuesday.

The deal gives the state of Hungary an indirect 49 percent ownership in Vodafone Hungary and 4iG an indirect 51 percent stake in Hungary’s second largest telecommunication company. “The transaction provides all of the conditions for establishing a Hungarian-owned group that can take a leading role on the local telecommunications market and is able to strengthen Hungary’s competitiveness by meeting the digital challenges of the 21st century,” the ministry said after the transaction close.

“The deal could contribute to boosting market competition and improved services, offering customers a number of benefits,” it said in a statement. Vodafone Hungary has 3 million mobile and 800,000 fixed line subscribers.

As we wrote before, the new company will not bear the name Vodafone. The new name will be simple: “One”.

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Source: MTI