4iG Acquires 100% Stake in PR-Telecom
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4iG Group is set to acquire a 100% stake in PR-Telecom Távközlési Zrt (PR-Telecom), a regional fixed-line telecommunications operator in Hungary.
The acquisition of the regional 3P telecoms company, which provides television, internet, and fixed telephone services, will allow 4iG Group to further increase the number of its customers and its fixed network coverage in Hungary, 4iG told the Budapest Business Journal via a press release.
PR-Telecom Plc. has a 25-year history, and since its foundation, it has been entirely Hungarian-owned and currently employs 160 people. The operator offers TV, internet, and telephone services in more than 200 settlements, and its customer base has grown dynamically in recent years. The company currently serves 250,000 households and 55,000 customers with high-quality services over its own fixed fiber and mixed fiber-coax infrastructure. PR-Telecom has a network of approximately 3,400 kilometers, of which the main network covers 1,000 kilometers and the Fiber to Home network 670 kilometers.
"The acquisition of PR-Telecom provides 4iG Group a good opportunity to expand our optical network and coverage in Hungary. The transaction will allow us to further strengthen our leadership in the fixed-line services segment, and in some areas, the acquisition will replace time and resource-intensive network expansion investments. By leveraging synergies and cross-selling opportunities, as well as by developing the existing network, we will be able to offer PR-Telecom’s customers a higher quality and wider range of services in the future. We will continue to rely on the management and employees of PR-Telecom in this work in future operations," said Péter Fekete, CEO of 4iG Group.
The former owners of PR-Telecom will continue to participate in the management of the company after the closing of the acquisition. Following the transaction, Marina Szunyoghné Fojt, a member of the company’s current Board of Directors will assume the position of CEO, while Zoltán Fojt will remain chief operating officer.
"This acquisition is a great opportunity for PR-Telecom. In order to further develop our network and serve our customers with higher quality, it is essential to have the support of a large company with the capital, resources and expertise of 4iG Group," said Marina Szunyoghné Fojt. "I am proud of the 25-year history of the company, the progress and achievements we have made together with our colleagues. But now the time has come to move to a higher level, where 4iG Group as the new owner is a guarantee for our employees and our customers".
The transaction is expected to close in the fourth quarter of 2024, subject to the approval of the Hungarian Competition Authority (GVH). PR-Telecom's customers will not be affected by the change of ownership and will continue to benefit from the telecommunications company’s services in the same form.
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