The Hungarian State Sells its Stake in Yettel

The Hungarian state-owned Corvinus International Investment Ltd. has concluded agreements on the sale of its 25% stake in Yettel Hungary Plc. and Yettel Real Estate Hungary Plc. and its 20% stake in CETIN Hungary Plc, the Ministry of Economic Development (GFM) told MTI on Tuesday.

According to the information, the buyer is the Dutch holding company TMT Hungary Holdco B.V., a member of the PPF Group. The MEIP test, which was carried out by independent experts to determine the value of the public shareholdings and the market conformity of the transaction, was carried out.

The proceeds of the transaction will be used by the state to finance the buy-back of Budapest airport, the ministry said.

It was stressed that the Hungarian state's involvement in the strategically important telecommunications sector will be maintained after the transaction, through a cooperation agreement with Magyar Telekom and Vodafone, and Corvinus Plc. will continue to hold a 29.5% stake in Vodafone Hungary, one of the leading players in the market. This enables it to contribute strongly and effectively to the development of the sector from an ownership perspective.

Yettel's customers will not be directly affected by the change in ownership structure, and residential and business customers will continue to benefit from the company's services in the same form, GFM said.