Press Releases

Budapest, February 3, 2006 13:45

On February 3, 2006 Magyar Telekom closed the transaction to acquire Orbitel, Bulgaria' largest alternative wireline telecommunications and internet service provider.

Magyar Telekom concluded an agreement on November 28, 2005 on the acquisition of 100%stake in Orbitel for EUR 8 million. The financial closing of the transaction was carried out on February 3, after having obtained the necessary approvals from Bulgarian authorities.

In the acquisition process, Orbitel' General Meeting elected the new Board of Directors corresponding to the company' new ownership structure. As Magyar Telekom candidates, the following have been elected members of Orbitel's Board:

- Tamás Morvai, Director, Business Development and M&A, Magyar Telekom
- Balázs Ablonczy, Director, Key Account Partners Sales, Magyar Telekom
- Victor Francess, CEO, Orbitel
- Nikolai Gorchilov, CEO, Orbitel
- Dániel Szász, Chief Financial Officer, T-Online Hungary

The Chairman of the new Board of Directors is Tamás Morvai.

The Board appointed Victor Francess (finance, human resources, networks) and Nikolai Gorchilov (marketing, sales, account management) as Orbitel's CEOs to lead the management.

The financial advisor of the transaction was Euro-Phoenix, Budapest.