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Nordtelekom poised to acquire Beltáv

Hungarian-owned ISP Nordtelekom will raise at least HUF 200 million in fresh capital in a bid to buy out the clientele and infrastructure of telco Beltáv, the company said in a statement after an extraordinary general meeting.

Beltáv owns 55% of Nordtelekom shares. Nordtelekom, which is listed on the Budapest Stock Exchange, said shareholders approved a capital raise of a maximum HUF 250 million through a private placement at a general meeting in January. Nordtelekom had after-tax profit of HUF 5 million on revenue of HUF 264 million in 2010. It had net assets of HUF 243 million at the end of 2010.