Nordtelekom buys Beltáv telecom business

Telco

Hungary's Nordtelekom said it had signed an agreement to purchase the clients and assets of telco Beltáv, increasing the number of its clients by thousands to over 10,000.

Nordtelekom, listed in category "B" of the Budapest Stock Exchange, signed the agreement after an independent auditor valued Beltáv's purchased assets at HUF 166m.

Nordtelekom decided early last year to embark on acquisitions to support the company's growth. Shareholders had mandated the board to raise capital through issue of new shares and use at most HUF 200m of the proceeds to acquire Beltáv.

As a result of the acquisition, Nordtelekom could soon provide internet access through its own network in Budapest, Gyor and Dunaújváros.

Nordtelekom had after-tax profit of HUF 11.4m on revenue of HUF 117m in the first half of 2011.

The company had net assets of HUF 243m at the end of 2010.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.