Vodafone Group confirmed Monday the sale of its Hungarian business to 4iG Public LTD and Corvinus Zrt, a Hungarian state firm, for €1.7 billion. The news about the deal was mentioned last year and the finalization is set to take place this month.
"This combination establishes a scaled converged operator across mobile and fixed communications and supports the Hungarian government’s goal of creating a national Information and Communications Technology champion. The combined entity will increase competition and accelerate investment in the ongoing digitalization of Hungary," Vodafone Group’s interim CEO Margherita Della Valle said following the announcement.
Vodafone is yet to announce a permanent CEO replacement following the resignation of Nick Read.
