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Econet buys organizer of Hungary’s ‘Sziget Festival’

Hungary’s Est Média Group Kft, the subsidiary of listed IT company Econet, will buy 100% of Sziget Kulturális Menedzser Iroda Kft.

The transaction will be carried out in several stages and its total value will be up to Ft 4.95 billion (about $28.5 million, €19.1 million). The company will pay Ft 1.1 billion for the first 26% slice by 17 March 2008 at the latest, and the remaining 74% will be paid for in four installments (25-25-12-12%) in the period between 2009 and 2012, according to portfolio.hu. Econet fell as much 3.9% (or Ft 8) to Ft 179 ($1) per share before stock trading has been suspended by Hungarian Stock Exchange (BÉT). (Gazdasági Rádió)