Hungarian state parts with stakes in telco Yettel

State-owned Corvinus International Investment has signed agreements on the sale of its 25 percent stakes in Yettel Magyarorszag and Yettel Real Estate Hungary, and its 20 percent stake in CETIN Hungary to a member of Czech investment company PPF Group, the Economic Development Ministry said on Tuesday.

Proceeds from the sale will be used to finance the purchase of Liszt Ferenc International operator Budapest Airport, the ministry said.

The government will continue to play a role in the telecommunications sector through its cooperation agreements with Magyar Telekom and Vodafone as well as Corvinus’s 29.5 percent stake in Vodafone Hungary, the ministry said.

The ministry did not disclose the sale price.

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