Are you sure?

Magyar Telekom closes Daten-Kontor acquisition

Magyar Telekom on Tuesday said it closed the acquisition of IT company Daten-Kontor.

Daten-Kontor and IQSYS, a Magyar Telekom unit with a similar profile, will "strengthen each other in many areas and may expand their scope of activities to new markets," Magyar Telekom said.

Daten-Kontor develops, installs and operates IT applications from bases in Budapest and Pecs (SW Hungary). The company had unconsolidated revenue of HUF 2.7bn and EBITDA of HUF 340m in 2010. At group level, turnover came to more than HUF 3bn.

Magyar Telekom said in July it signed an agreement to buy the Daten-Kontor group for a maximum price of HUF 1.4bn, depending on the group's financial performance over the next two years as well as its net debt at the close of the transaction.

Magyar Telekom said the acquisition was cleared by the Competition Office (GVH) in November.