Orbán cabinet and 4iG make €1.8 billion bid for Vodafone Hungary
Listed IT company 4iG and state-owned Corvinus have entered into non-binding heads of terms with Vodafone Group to acquire 100 percent of the telecom’s Hungarian division for a cash consideration equivalent to an enterprise value of 715 billion forints (EUR 1.8bn), 4iG announced on Monday.
The transaction would give 4iG 51 percent of Vodafone Hungary and the state a 49 percent stake.
The deal is expected to close by end-2022, subject to due diligence, the finalisation of the binding contract and regulatory approval.
“The combination of 4iG and Vodafone is a significant step towards building a Hungarian-owned national champion in the ICT sector,” 4iG said. The deal “creates significant potential for further growth through cross-selling opportunities, full fixed-to-mobile convergence and scale, resulting in major B2B and B2C revenue synergies”, while the potential of infrastructure consolidation “creates sizeable long-term shareholder value from in-market cost and capex saving synergies,” it added.
In a statement, Economic Development Minister Márton Nagy noted the government’s commitment to significantly increase Hungarian ownership in strategic sectors, and said the transaction would facilitate building a Hungarian-owned market leader to meet challenges of the 21st century and contribute to improving the country’s competitiveness, while serving nearly 4 million customers.
The state should never be able to control our communication.
And this should never go thru.
This is how the great firewall of china happened and russia is trying to build up to do the same exact thing.
I find this suspicious as fuck.
Pardon my ignorance. I thought the role of government was to govern, not to invest in, buy or trade commercial companies and commodities like crude oil and natural gas. The government is not a mutual fund and our tax money is not intended for speculation. Isn’t MOL capable of buying the crude oil it needs, or MVM the natural gas it sells to us? Who is governing, solving the problems plaguing us (infrastructure, healthcare, education) while the government is spending billions of euros buying companies and commodities?