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Vodafone reaches terms over €1.7 billion sale of Hungarian business

By Scott Kanowsky 

Investing.com -- Vodafone Group PLC (LON:VOD) has announced that it reached binding terms with information technology group 4iG Nyrt. (BU:IGNY) and Hungary-owned vehicle Corvinus to sell its Hungarian unit for a total cash consideration of €1.7 billion (€1 = $1.0690), according to a filing on Monday.

In a statement, the U.K.-based telecom said the proceeds from the transaction will be used to pay off debts. Vodafone's interim chief executive Margherita Della Valle said the business bought by 4iG and Corvinus will help increase competition and accelerate investment in digitalization in Hungary.

"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," Della Valle added.

The deal comes as Vodafone faces pressure from activist investors to scale back its international businesses and bolster shareholder returns.

The sale, which gave a sharp lift to Budapest-listed shares in 4iG, is expected to be completed this month.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.