Press Releases

Magyar Telekom acquires cable company in Western Hungary

Budapest, July 6, 2010 17:15

Magyar Telekom has signed an agreement to buy 100% of Modultechnika Kft.

Magyar Telekom signed an agreement to buy 100% of Modultechnika Kft. on 6 July, 2010. The purchase price is approximately HUF 1.5bn on a cash and debt free basis. The agreement contains rescission rights.

Modultechnika is a cable TV and Internet service provider with an up-to-date cable TV infrastructure in areas in which Magyar Telekom currently does not provide fixed line services on its traditional network (Ajka and the surrounding area in Western Hungary). With this acquisition Magyar Telekom aims to further strengthen its fixed line business positions. The closing of the transaction is expected in the third quarter of 2010.