TDC buys out financial investor in HTCC
Wednesday, March 30, 2005, 13:40
Danish telecom TDC has announced that it entered into agreement with Ashmore Investment Management Ltd. regarding the acquitision of a 21.6% stake in Hungarian Telephone and Cable Corporation (HTCC). TDC will pay $105 million for the stocks, boosting its ownership to 62.9% and hence securing a controlling interest in HTCC, the U.S.-based parent company of Hungarotel Rt. The transaction will be completed by April 12. The remaining part of HTCC's outstanding common stock is traded on the American Stock Exchange. Hungarotel operates approximately 190,000 lines and serves approximately 670,000 customers. The company changed its market position significantly in February 2005 when it acquired alternative landline and data communications provider Pantel Rt together with its nationwide fiber optic network.