4iG agrees to acquire 70% of Spacenet
Image by Shutterstock.com
Listed IT company 4iG on Wednesday said it signed an agreement to acquire 70% of data center and security services company Spacenet, according to a report by state news wire MTI.
Spacenet, a Cisco Gold Partner and the exclusive representative of Germany's DataCenter Group's basic data center infrastructure in Hungary, had revenue of HUF 5.1 billion last year, 4iG said.
"With the acquisition, 4iG aims to develop its competencies in the design, implementation and operation of Cisco-based networks, to expand its network security activities, and to lay the foundation for data center infrastructure development at the group," it added.
4iG did not disclose the transaction price.
The sale will close after approval by the Competition Office (GVH).
In a separate release, 4iG's PR agent said the transaction could close in April.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
