The telecommunications company Vodafone reported on Monday in a statement that the binding terms on the sale of its subsidiary in Hungary have been completed, following the agreement reached in that regard last August.
According to the note, 4iG Nyrt (4iG) and Corvinus Zrt (Corvinus, a Hungarian state-owned holding company) have completed the binding terms in relation to the sale of 100% of Vodafone Magyarország Zrt (“Vodafone Hungary”) to 4iG and Corvinus.
Vodafone will receive a total cash consideration of €1.7 billion.
Vodafone’s interim chief executive, Margherita Della Valle, said in the statement that this combination supports the Hungarian government’s goal of creating “a national champion of Information and Communication Technologies.”
“The combined entity will increase competition and accelerate investment in Hungary’s ongoing digitalization.”
Completion of the transaction is subject to customary conditions and is expected to take place in January 2023.