Vodafone has struck a ‘heads of terms’ agreement with Hungarian IT and telecoms company 4iG and state holding outfit Corivinus to sell its Hungarian unit in its entirety for an enterprise value of HUF715 billion (€1.8 billion).
Vodafone said in a statement that the transaction would create a number two operator in Hungary and would also support “the Hungarian state’s goal of creating a national ICT champion”.
The pair expect the deal to complete by the end of this year, pending due diligence a binding transaction agreement and regulatory approval.
4iG, which is an active player in the Hungarian telecom market already, notably through its acquisition of Romanian operator Digi/RCS&RDS’s Hungarian operation, said that the merger would generate synergies worth over HUF150 billion.
Under the proposed deal, 4iG will take a 51% stake with the Hungarian state taking a 49%…
