# Vodafone Group to sell Vodafone Hungary

- Link: https://www.directorstalkinterviews.com/vodafone-group-to-sell-vodafone-hungary/4121078586
- Published: 2022-08-22T07:28:37+01:00
- Author: Amilia Stone

**[Vodafone Group Plc](https://www.directorstalkinterviews.com/ftse-company/vodafone-group/vod.l)**
^(1) ([LON:VOD](https://www.directorstalkinterviews.com/ftse-company/vodafone-group/vod.l))
has announced that it has entered into heads of terms with 4iG Public Limited Company(“
4iG”) and Corvinus Zrt (“Corvinus”, a Hungarian state holding company) (all together
the “Parties”) in relation to the potential sale of 100% of Vodafone Magyarország
Távközlési Zrt (Vodafone Hungary) for a total cash consideration equivalent to an
enterprise value of HUF 715bn (€1.8bn)^(2,3). This represents a multiple of 9.1x
Adjusted EBITDAaL for the 12-month period ending 31 March 2022.

Vodafone Hungary is one of the leading converged network operators in Hungary and
a combination with 4iG will create a clear #2 operator across mobile and fixed communications
with broader ICT (Information and Communications Technology) capabilities. It also
supports the Hungarian state’s goal of creating a national ICT champion.

The combination with 4iG is complementary, with limited overlaps and the addition
of Vodafone Hungary’s infrastructure to the 4iG group will create a stronger competitor
to the incumbent operator.

> **Nick Read, Chief Executive of Vodafone, said:** “The Hungarian Government has
> a clear strategy to build a Hungarian owned national champion in the ICT sector.
> This combination with 4iG will allow Vodafone Hungary, which has a proud history
> of success and innovation in the country, to play a major role in the future growth
> and development of the sector as a much stronger scaled and fully converged operator.
> The combined entity will increase competition and have greater access to investment
> to further the digitalisation of Hungary.”

The transaction is subject to completion of confirmatory due diligence, the Parties
entering into binding transaction documentation and obtaining regulatory approval.
The Parties are targeting completion by the end of 2022.

Vodafone’s shared services business in Hungary – VOIS – is not included in the transaction
perimeter and it will continue to provide services to Vodafone’s other operating
companies.

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