The deal gives 4iG an indirect 51% stake and the state of Hungary indirect 49% ownership in Vodafone Hungary.
The parties signed a sale and purchase agreement with Vodafone Europe on the acquisition for a consideration of HUF 660 billion on January 8.
The acquisition includes Vodafone Hungary's mobile frequencies, active radio transmission equipment, active antennas and cables, part of the outdoor cabinets, as well as the uplink and optical network serving the towers.
Vodafone Hungary has 3 million mobile and 800,000 fixed-line subscribers.
"The transaction provides all of the conditions for establishing a Hungarian-owned group that can take a leading role on the local telecommunications market and is able to strengthen Hungary's competitiveness by meeting the digital challenges of the 21st century," the Economic Development Ministry said after the transaction close.
"The deal could contribute to boosting market competition and improved services, offering customers a number of benefits," it added.
In a separate press release, 4iG said the consolidation of its fixed and mobile telecommunications portfolios with Vodafone Hungary will make it the second-largest mobile voice and internet operator in Hungary, and the market leader in fixed internet services and television broadcasting.
The telecommunications companies in which 4iG Group has a stake now have 7.6 million revenue-generating units in Hungary, it added.
"The transaction will enable 4iG Group to reopen the market in a number of service areas and play a key role in the digital transformation of the Hungarian economy, while strengthening its role in the region in the field of info-communications services," 4iG said.
In an announcement of the transaction close posted on the website of the London Stock Exchange, Vodafone Group noted that the cash consideration is a multiple of 8.4x adjusted EBITDA-AL for the 12-month period ended March 31, 2022.
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