4iG Boosts Stake in Vodafone Magyarország With Share Swap
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Listed ICT company 4iG on Monday said its unit Antenna Hungária raised its stake in Vodafone Magyarország to 70.5%, according to a report by state news wire MTI.
Antenna Hungária acquired a 19.5% stake in Vodafone Magyarország from state-owned Corvinus Nemzetközi Befektetési in a swap for 25% of the subsidiaries of PPF Telecom Group: Yettel Magyarország, Yettel Real Estate, and Cetin Hungary.
As a result of the transaction, Corvinus's stake in Vodafone Magyarország was reduced to 29.5%.
4iG said Vodafone Magyarország's board will be expanded to seven members from five at present. Representatives of Antenna Hungária will sit in five of the seats.
Antenna Hungaria and Corvinus closed the acquisition of Vodafone Magyarország for a consideration of HUF 660 billion in January.
In a separate statement issued late Monday, the Economic Development Ministry said the transaction "further diversifies the state's investment portfolio in the telecommunications sector and enables it, as an owner, to contribute more strongly and efficiently to the development of the sector...ensuring further advantages to subscribers, the performance of the Hungarian economy and the country's competitiveness".
The deal will have no direct impact on Vodafone Magyarország or Yettel Magyarország clients, it added.
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