Hungarian telco Invitel to change hands
Hungarian telecom Invitel is to be sold by majority stake owner Magyar Telecom B.V. (Matel B.V.) to the China-CEE Fund under an agreement signed by the two parties, according to a press statement sent to the Budapest Business Journal. The parties agreed a corporate net value of HUF 63 billion.
Before the sale can be finalized, which would be expected by the end of the first quarter, the approval of related authorities, such as the Hungarian Competition Authority (GVH), will be needed.
Invitel Group comprises domestic (Invitel Távközlési Zrt.) and corporate (Invitech Solutions Zrt.) branches. The buyer is one of Europe’s leading investors, a USD 430 million private equity fund with nine investments in the region, including Poland, Czech Republic, Slovenia, and Bulgaria.
The consolidated annual revenue of the Invitel Group is around HUF 45 bln with a HUF 14 bln EBITDA.
The advisors for the acquisition are CEE Equity Partners.
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