Are you sure?

Euroweb sells Hungarian unit to Invitel

Shareholders of Euroweb International, a small-cap IT company listed on the NASDAQ, approved on May 15 the sale of its Hungarian and Romanian units for $30 million minus debts to Invitel Rt, Hungary's second-biggest landline telco, Euroweb announced on Wednesday.

Among the debts owed by the two units, Euroweb Internet Service Provider Rt and Euroweb Romania SA, is $6 million payable to Commerzbank. The companies announced the transaction in December 2006, noting its completion was pending approval from competition authorities and Euroweb shareholders.
Euroweb International bought Hungarian IT company Navigator Zrt from the Wallis Group, owned by Hungarian investors, for $10 million last summer. It said at the time it would pay for “a large portion” of the purchase with a loan taken out by its Hungarian unit from Commerzbank Budapest Rt. Euroweb International said it would pay 85% of the purchase price in cash and the rest in Euroweb International shares.