Vodafone Group Plc has agreed to sell its Hungarian operations in a deal worth 1.8 billion euros including debt, Bloomberg reported.
The company sold the assets to 4iG Public and Corvinus Zrt, a Hungarian state-owned holding company, Vodafone said in a statement today. The companies aim to complete the deal by the end of the year.
The combination with 4iG will create the second largest mobile and fixed communications company in the country and will further the government’s strategy to create a “national telecommunications champion”, Vodafone chief executive Nick Read said in the announcement. .
Although Hungary is one of Vodafone’s smaller units, its planned divestment shows Read’s ongoing drive to simplify the business, which has also included the sale of Vodafone New Zealand. He has said he wants to establish Vodafone in key markets such as Italy, the UK and Portugal.
The deal does not include a sale of Vodafone Intelligent Solutions.
Source: Capital
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