Hungarian IT-cum-media company econet.hu has sold its 76.83% stake in telecommunications company Externet for a base price of HUF 520 million (€1.84 million), econet.hu reported.
Econet.hu did not reveal the identity of the purchaser.
The sale disencumbers econet.hu of HUF 700 million in loans as well as guarantees related to Externet's operations.
MTI reported in late April that econet.hu was in the advanced stages of talks with a company headed by Géza László, the former CEO of Antenna Hungária and Danubius Rádio, regarding the sale of the 76.83% stake in Externet.
The market value of the 76.83% stake is about HUF 2.7 billion, well over the transaction cost, even including the debt taken over, Econews calculated, based on the company's current market capitalization.
The buyer will pay econet.hu a supplementary purchase cost of up to half of Externet's 2009 consolidated EBITDA if Externet reaches stipulated financial targets this year.
Externet posted after-tax profit of HUF 92.3 million and turnover of HUF 3.17 billion in 2008, compared to after-tax profit of HUF 155.5 million and turnover of HUF 1.9 billion in 2007.
Externet shares, which closed Tuesday trade at HUF 554, trade in the B-category at the Budapest Stock Exchange, while econet.hu shares trade in the exchange's A-category. (MTI – Econews)