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Vodafone Group PLC on Monday said it has now entered binding terms for the sale of Vodafone Hungary to local buyers 4iG Public Ltd and Corvinus Zrt.
The Berkshire, England-based telecommunications business said that both companies have completed due diligence in relation to the sale, for which Vodafone is set to receive €1.7 billion.
Vodafone intends to use the sale proceeds to pay down debt.
‘This combination establishes a scaled converged operator across mobile and fixed communications and supports the Hungarian government’s goal of creating a national information and communications technology champion,’ said interim Chief Executive Margherita Della Valle.
Corvinus is a Hungarian state holding company.
‘The combined entity will increase competition and accelerate investment in the ongoing digitalisation of Hungary,’ Della Valle added.
Completion of the transaction is expected to take place in January 2023.
Vodafone shares were trading 0.9% lower at 87.90 pence each in London on Monday morning.
By Holly Beveridge; Alliance News reporter
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