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Magyar Telekom to acquire IT company for top price of HUF 1.4 bln

Magyar Telekom said it signed an agreement to buy Hungarian IT company Daten Kontor Group (DK Group) for a maximum price of HUF 1.4 billion.

Magyar Telekom will buy 100% of Daten Kontor Kft, DK Telecom Zrt and DK Consulting Zrt. The maximum purchase price is dependent on the group's financial performance over the next two years and will be adjusted with the value of net debt at the closing of the transaction.

DK Group develops, installs and manages IT applications. It had consolidated revenue of HUF 2.2 billion and EBITDA of HUF 357 million in 2009.

The acquisition is subject to approval by the Competition Office. (MTI - Econews)