In the acquisition of PR-Telecom, Wolf Theiss’ mandate included advising Antenna Hungária Plc., the 4iG Group’s telecommunications portfolio manager, on all legal and regulatory aspects of the transaction, structuring the transaction as well as drafting and negotiating the necessary transaction documents, Wolf Theiss tells the Budapest Business Journal.
PR-Telecom, a wholly Hungarian-owned telecommunications firm, has a 25-year history and employs 160 people. It provides TV, internet, and telephone services over its own fixed fiber and mixed fiber-coax infrastructure, reaching approximately 250,000 households and 55,000 customers. The former owners of PR-Telecom will continue to participate in managing the company after the closing of the transaction.
On acquiring the Hungarian satellite customer base of Canal+, branded as Direct One, Wolf Theiss advised Digi Távközlési és Szolgáltató Kft., a telecommunications subsidiary of 4iG Group, on performing due diligence of the target and negotiating the necessary transaction documents. The seller, Canal+ Luxembourg S.àr.l., is Europe’s largest satellite and IP television provider. Through the closing of the transaction, 4iG Group will add 155,000 satellite subscribers to its customer base and will solidify its leading role in the Hungarian satellite broadcasting market.
Both transactions are expected to close in Q4 2024, pending approval from the Hungarian Competition Authority (GVH).
The Wolf Theiss transaction teams were led by counsel Norbert Bálint, with further support from senior associate Péter Ihász.
“We are proud to have supported 4iG Group in these significant acquisitions, which strengthens their position in the telecommunications and satellite television markets,” remarked Norbert Bálint, counsel, Wolf Theiss.
