Vodafone to sell Hungarian business for $1.8 bln (updated)

4ig.

22/08/2022 07:35

(Adds details, quote)
    LONDON, Aug 22 (Reuters) - Britain's Vodafone  VOD.L  will
sell its Hungarian business for 715 billion forints ($1.8
billion) in cash, it said on Monday, in a deal that will create
a locally-owned telecoms leader in the central European country.
    The British mobile phone and broadband group said it had
agreed non-binding terms with the buyers, Hungarian 4iG
 IGNY.BU  and state-run Corvinus Zrt.
    The deal — which does not include Vodafone's shared services
business VOIS — is expected to create Hungary's second largest
telecoms operator.
    "The Hungarian Government has a clear strategy to build a
Hungarian owned national champion in the (Information and
Communications Technology) sector," Vodafone Chief Executive
Nick Read said in a statement.
    The sale is expected to be completed by the end of 2022.
($1 = 404.0500 forints)

 (Reporting by Pushkala Aripaka in Bengaluru and Sachin
Ravikumar in London; Editing by Rashmi Aich and Kylie MacLellan)
 ((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; Mobile:
+91 852 751 3793 ;))