The due diligence of Vodafone Hungary has been completed, the financial closing is expected to take place on January 31, 2023. - said Minister of Economic Development Márton Nagy in his statement.

According to the announcement, with the HUF 660 billion transaction, Antenna Hungária acquires 51 percent, while Corvinus Zrt., acting on behalf of the Hungarian State, acquires 49 percent indirect ownership from Vodafone Europe BV in the second largest Hungarian telecommunications company. This is the largest corporate acquisition of the post-system change period. The due diligence of Vodafone Hungary has been completed, the financial closing is expected to take place on January 31, 2023, the summary reads.

"Even in the economic situation affected by war and sanctions, we must not give up on the further strengthening of Hungary's competitiveness and independence. The main goal of the Government is that, after the banking sector, the energy sector and the media sector, majority national ownership will be established in sectors of national strategic importance, such as the insurance sector and telecommunications. This is what the purchase of Vodafone Hungary's ownership serves, which further strengthens the sovereignty of our country," said Márton Nagy.

"national champion" group of companies will be created in the domestic telecommunications sector for customers. The transaction also contributes to the strengthening of market competition, the reduction of costs,

for the further strengthening of the service level, thus providing additional benefits for customers - the announcement states.

According to the information, Vodafone Hungary is the second largest player in the domestic telecommunications market, providing mobile, TV, broadband Internet and landline phone services to more than 3.8 million residential and business subscribers, and the company employs more than 3,000 employees.

"Through the soon-to-be-completed investment, Corvinus International Investment Co., Ltd. will - on behalf of the state - acquire an important share in the telecommunications sector, in addition to the financial sector, in another sector of strategic importance from the point of view of the national economy," said the Minister of Economic Development .

The communications company responded to the press reports in a statement, they wrote: "Vodafone Hungary cannot provide any further information regarding the transaction. It is important to emphasize, however, that Vodafone Hungary's business is uninterrupted and continuous, and its services are fully operational and at the usual high quality. The service provider remains committed to excellent customer experience and the digital development of Hungary."

Source: MTI

Photo: Csaba Jászai