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Externet agrees to sell broadband business to Magyar Telekom

Externet said it agreed to sell its ADSL unit to Magyar Telekom because of "unfavourable trends and the effect of the unfavourable economic environment".

Externet did not disclose the price of the transaction.

Externet and Magyar Telekom signed the transaction on November 30 and Externet's financing partner Commerzbank approved the deal on December 1. The transaction is set to take place in the middle of March 2011.

Externet's board has made a strategic decision to continue the sale of its retail services, building on partnerships, mainly cooperation with big retail service providers. At the same time, the strategy aims to strengthen Externet's presence in the area of services for business communications, the company said. (MTI-ECONEWS)