Magyar Telekom, the leading Hungarian telecommunications service provider, has announced on the website of the Budapest Stock Exchange that it has entered into an agreement to sell ViDaNet Plc., a company providing fixed services, to URSUS Investment and Asset Management Plc..
In a multi-step process, Magyar Telekom is divesting its shareholding in ViDaNet Plc., while intending to integrate certain assets of ViDaNet Plc. transferred into a separate entity.
Post-separation, ViDaNet Plc. provides fixed voice, broadband and TV services on its mainly Eurodocsis 3.0 technology-based network that covers ca. 100,000 access points in Western Hungary, to 54,000 customers, generating approximately HUF 6 billion revenues in 2023.
Closing of the transaction is expected in the first quarter of 2025, subject to customary closing conditions, including the necessary regulatory decisions.
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