The info-communications group 4iG has announced a share swap involving PPF Group subsidiaries, Vodafone Hungary and the Hungarian state.
As a result of the transaction, the group’s ownership of Vodafone Hungary has been increased to 70.5% and the Hungarian state has acquired an indirect stake in PPF Group’s Yettel.
The agreement was concluded between Antenna Hungária, which is wholly owned by 4iG, and Corvinus International Investment, representing the Hungarian state.
Under its terms, Antenna Hungária swapped its 25% stake in the Hungarian subsidiaries of PPF Telecom Group for 19.5% of Vodafone shares held by Corvinus. Antenna Hungária increased its stake in Vodafone Hungary to 70.5% and ceased to have any shareholding in Hungarian Yettel and CETIN.
Commenting on the transaction, Péter Fekete, Group CEO of 4iG, said: “The increase our stake in Vodafone Hungary with the swap of financial investment Yettel and CETIN shares strengthen the efficiency of the integration of the telecommunications companies into the 4iG Group portfolio”.
Following the registration of changes in ownership structure, the board of Vodafone Hungary is to be expanded from the current five to seven, with five members from 4iG Group and two from Corvinus. The composition of the supervisory board and the state prerogatives in the governing bodies remain unchanged.
As previously reported by Broadband TV News, 4iG completed the acquisition of Vodafone Hungary at the beginning of February.