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Vodafone to sell Hungarian business for $1.8 billion

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Vodafone will sell its Hungarian business for $1.8 billion in cash, in a deal that will create a locally-owned telecoms leader in the central European country.

The British mobile phone and broadband group said it had agreed non-binding terms with the buyers, Hungarian 4iG and state-run Corvinus Zrt.

The deal - which does not include Vodafone's shared services business VOIS - is expected to create Hungary's second largest telecoms operator. "The Hungarian Government has a clear strategy to build a Hungarian owned national champion in the sector," Vodafone chief executive Nick Read said in a statement.

 

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