Magyar Telekom buys local software developer

Competition

Magyar Telekom Nyrt, the Hungarian phone company controlled by Deutsche Telekom AG, said it has bought local software developer KFKI Rt to tap demand for information technology services. The announcement came as shares of Hungary's incumbent telephony company fell to a 2.5-year low at the Budapest Stock Exchange on Friday. Budapest-based Magyar Telekom will pay as much as Ft 9.67 billion for 100% of KFKI, the company said in an e-mailed statement. KFKI also owns or controls businesses in computer systems and networks. Magyar Telekom has spent $1 billion buying majority stakes in phone companies in Bulgaria, Montenegro and Macedonia as competitors such as Telenor ASA and Vodafone Group Plc cut into its domestic market share. Bloomberg, NG 8)

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