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State Parting With 25% Stake in Yettel Hungary

Telco

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State-owned Corvinus International Investment has signed agreements on the sale of its 25% stakes in Yettel Hungary and Yettel Real Estate Hungary and its 20% stake in Cetin Hungary to a member of Czech investment company PPF Group, the Ministry of Economic Development said in a release on its website.

Proceeds from the sale will be used to finance the purchase of Budapest Airport, the ministry said.

The government will continue to play a role in the telecommunications sector through its cooperation agreements with Magyar Telekom and Vodafone as well as Corvinus's 29.5% stake in Vodafone Hungary, the ministry said.

The ministry did not disclose the sale price.

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