Are you sure?

Magyar Telekom eyes IT sector takeovers

Hungary’s main telecoms firm Magyar Telekom is still in the market for IT sector acquisitions, primarily among healthcare, banking and retail software developers, business daily Világgazdaság reported.

Citing deputy Chief Executive István Papp, the paper said Magyar Telekom, a unit of Deutsche Telekom, was seeking takeovers in the sector both at home and the foreign markets it operates in, such as Macedonia and Montenegro. Bulgaria and Romania were also possible areas of expansion, the paper cited Papp as saying.

Magyar Telekom said last month it would buy healthcare IT service provider International System House (ISH) for HUF 2.9 billion ($14.70 million) minus net debt on the date of settling the transaction. The company expects to close the transaction in the third quarter, pending competition authority approval. (Reuters)