Swedish cable maker acquires stake in Hungarian peer

Deals

Swedish cable maker Amo Kabel has acquired a 13% stake in Hungarian peer Fux, Fux majority owner and CEO Istvan Barkoczi said on Friday.

The agreement on the acquisition does not exclude the possibility of a takeover of the entire company, Mr Barkoczi said.

He declined to reveal the price of the transaction.

Amo Kabel, a business partner of Fux for 15 years, can strengthen its position on the Central and Eastern European market with the acquisition, he said.

Fux expects to close 2011 with revenue of HUF 7.5bn. Amo Kabel targets annual revenue of about twice that.

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