Vodafone To Sell Hungarian Business For $1.8B: Report

  • Vodafone Group Plc VOD forged an agreement with Hungarian 4iG and state-run Corvinus Zrt to divest its Hungarian business for 715 billion forints ($1.8 billion) in cash, Reuters reports.
  • The deal excluding Vodafone's shared services business VOIS will likely create Hungary's second largest telecoms operator.
  • "The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the (Information and Communications Technology) sector," Vodafone CEO Nick Read said.
  • They look to complete the transaction by the end of 2022.
  • Earlier, Vodafone agreed to sell its operations in Ghana to Telecel Group for undisclosed terms.
  • Vodafone clocked a 1.6% revenue growth in the first quarter of FY23 to €11.28 billion, mainly driven by service revenue growth in Europe and Africa. The organic revenue growth was 2.7% Y/Y.
  • The service revenue grew 1.3% Y/Y to €9.51 billion. The organic service revenue growth was 2.5% Y/Y.
  • Price Action: VOD shares traded lower by 1.11% at $14.24 in the premarket on the last check Monday.
  • Photo via Wikimedia Commons
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