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Magyar Telekom acquisition approved

Hungary's Competition Office (GVH) has approved the acquisition by Magyar Telekom of a 100% stake in system integrations company KFKI Direkt, GVH told MTI on Wednesday.

The acquisition will not raise Magyar Telekom's share on the systems integration market to the 20% competition concern threshold. Magyar Telekom owner Deutsche Telekom's share of the market does not exceed 15% and KFKI Direkt's share is 1%.

Magyar Telekom signed an agreement on February 9 to buy KFKI Direkt for HUF 300 million plus up to HUF 100 million, depending on 2009 financial results. 

KFKI Direkt had revenue of almost HUF 1.5 billion and EBITDA of more than HUF 200 million in 2008, according to preliminary data. (MTI-ECONEWS)