British telecom giant Vodafone Group on Monday announced an agreement to sell 100 percent of the shares of Vodafone’s Hungarian subsidiary to 4iG Public Limited Company (4iG Public) and Corvinus Zrt, the Hungarian state-owned holding company, for 715 billion Hungarian forints (about $1.78 billion).
The deal is expected to be completed by the end of 2022, following regulatory approval.
Vodafone said the deal is part of the Hungarian government’s strategy to create a Hungarian-owned national leader in information and communications technology.
Vodafone CEO Nick Read said, “The merger with 4iG will enable Vodafone Hungary to become a larger, fully integrated operator that will play an important role in the future growth and development of the industry.”
