4iG agrees to acquire 70% of Spacenet

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Listed IT company 4iG on Wednesday said it signed an agreement to acquire 70% of data center and security services company Spacenet, according to a report by state news wire MTI.

Spacenet, a Cisco Gold Partner and the exclusive representative of Germany's DataCenter Group's basic data center infrastructure in Hungary, had revenue of HUF 5.1 billion last year, 4iG said.

"With the acquisition, 4iG aims to develop its competencies in the design, implementation and operation of Cisco-based networks, to expand its network security activities, and to lay the foundation for data center infrastructure development at the group," it added.

4iG did not disclose the transaction price.

The sale will close after approval by the Competition Office (GVH).

In a separate release, 4iG's PR agent said the transaction could close in April.

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