4iG to acquire control of Antenna Hungária
Photo by Antenna Hungária
Listed IT company 4iG on Wednesday said it reached a preliminary agreement to acquire a majority stake in state-owned telecommunications company Antenna Hungária through an in-kind contribution, according to a report by state news wire MTI.
4iG will transfer the telecommunications assets in its portfolio to Antenna Hungária, giving it control of the company.
A decision on the assets will be taken after the agreement with the minister in charge of managing national assets is finalized and due diligence of Antenna Hungaria is completed. The due diligence will be concluded by mid-October.
4iG said the purpose of the transaction is for the parties to "establish a strategic telecommunications and telecommunications infrastructure service company, which, in addition to competitive market services, gives due sufficient emphasis to national interests within the industry".
In a separate statement issued by 4iG's PR agent, 4iG chairman-CEO Gellért Jászai said the "strategic partnership agreement" reached with the state would result in the establishment of "one of the leading telecommunications holding companies in the CEE region within a short period of time".
"The consolidation of the two companies' telecommunications portfolios and their know-how will contribute to the technological development of the Hungarian telecommunications sector and to ensuring competitive and high-quality service in both the corporate and retail segments," he added.
Antenna Hungária chairman-CEO Zsolt Sárecz said the consolidation could create a player that is "capable of competing with foreign and multinational companies on the domestic and regional telecommunications market".
He added that the recently announced transfer of MVM NET, the telecommunications service provider for state-owned energy company MVM, to Antenna Hungária, would be "an important element" of the transaction.
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