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HTCC completes PanTel acquisition

Hungarian Telephone and Cable Corp. (HTCC), the U.S.-based of owner of Hungarotel Rt, announced today that it has completed its transaction with Royal KPN NV and acquired the remaining 75% of Hungary's leading alternative telecommunications provider PanTel Rt for Euro 17 million. Hungarian Telephone now has sole control and ownership of PanTel and has assumed substantially all of its liabilities, including its bank debt of Euro 62 million which, as previously announced, has been refinanced. HTCC will continue to operate the PanTel assets under the PanTel brand name, and it has also agreed to employ the 330 employees of its new acquisition. PanTel's fiber optic network, which covers all of Hungary and also connects into similar operations in neighboring countries, will enable HTCC to effectively compete for more business customers throughout Hungary and also in bordering countries, HTCC President and CEO Ole Bertram said.