Hungarian ISP Nordtelekom, listed on the Budapest Stock Exchange, on Thursday announced it plans a maximum HUF 250 million capital raise to buy telco Beltáv.
Talks on the acquisition have started and due diligence is underway, Nordtelekom said.
The companies shareholders approved a capital raise through a private placement at a general meeting in January. The mandate for the raise was six months, but the company has invited another EGM for August 2 to extend the period for twelve months.
Nordtelekom had after-tax profit of HUF 5 million on revenue of HUF 264 million in 2010.
The company had net assets of HUF 243 million at the end of 2010.
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