Euroweb sells Hungarian unit to Invitel
Shareholders of Euroweb International, a small-cap IT company listed on the NASDAQ, approved on May 15 the sale of its Hungarian and Romanian units for $30 million minus debts to Invitel Rt, Hungary's second-biggest landline telco, Euroweb announced on Wednesday.
Euroweb International bought Hungarian IT company Navigator Zrt from the Wallis Group, owned by Hungarian investors, for $10 million last summer. It said at the time it would pay for “a large portion” of the purchase with a loan taken out by its Hungarian unit from Commerzbank Budapest Rt. Euroweb International said it would pay 85% of the purchase price in cash and the rest in Euroweb International shares.
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