Hungary boosts telecoms sector control with Yettel transaction

4ig.

20/03/2023 17:09

BUDAPEST, March 20 (Reuters) - Hungary has acquired an
indirect minority stake in PPF Telecom group's Hungarian
operator Yettel Magyarorszag through a share swap agreement, the
government said on Monday, boosting Prime Minister Viktor
Orban's control over the sector.
    The deal follows an agreement by British telecom group
Vodafone  VOD.L  to sell its Hungarian business to local IT
company 4iG and the Hungarian state for a total cash
consideration of 1.7 billion euros ($1.82 billion).
    In power since 2010, nationalist Orban has expanded his
government's influence in key sectors of the economy, such as
energy, banking, the media and now telecoms.
    "The transaction enhances the assets and participation of
the Hungarian state in the strategically-important
telecommunications sector," the Economic Development Ministry
said in a statement.
    "Apart from diversifying its investment portfolio further in
the telecoms sector, the deal will also enable the state to more
forcefully and efficiently contribute to the development of the
industry," it said.
    The ministry said the share swap deal was concluded between
Corvinus Nemzetkozi Befektetesi Zrt and 4iG's Antenna Hungaria
Zrt unit, providing an indirect minority stake for Corvinus in
Yettel Magyarorszag.    
($1 = 0.9327 euros)

 (Reporting by Gergely Szakacs; Editing by Christina Fincher)
 ((gergely.szakacs@thomsonreuters.com ; https://twitter.com/szakacsg
 ; +36 1 882 3606 ; https://www.reuters.com/authors/gergely-szakacs/))