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HTCC acquires Tele2 Hungary

Pan-European alternative telecoms operator Tele2 has divested its Tele2 Hungary unit to Hungarian Telephone and Cable Corp (HTCC), for 40 million Swedish koruna ($5.9 million) on a debt and cash free basis.

Completion is expected following approval from the Hungarian Competition Authorities. In line with its realignment, Tele2 has decided to exit Hungary and continue to concentrate its operations to markets where Tele2 has a stronger position and expectations of higher profitability. At the end of May 2007, Tele2 Hungary had approximately 490 000 fixed telephony customers and for 2006 Tele2 Hungary had revenues of SEK 374 million ($55.6 million) and EBITDA loss of SEK 31 million ($4.6 milion). The transaction will have a positive one time effect on Tele2 of approximately SEK 20 million. (