Magyar Telekom Signs Pact To Sell Bulgarian Orbitel For EUR5 Million
Magyar Telekom has signed a share purchase agreement with Spectrum Net AD to sell its fully owned subsidiary Orbitel for an equity value of around EUR5 million.
Magyar Telekom expects around EUR3.5 million cash inflow from the transaction in the first quarter of 2010. The remaining part of the purchase price is undertaken obligation by the buyer.
Magyar Telekom decided to exit the Bulgarian alternative retail telecommunication business and focus its operations on businesses where it sees more lucrative prospects. The deal is subject to local Competition Office approval and is expected to close by the end of the first quarter of 2010.
Deutsche Telekom AG (DT) holds 59.2% of Magyar Telekom.
Orbitel is an alternative telecommunication service provider in Bulgaria, offering fixed line voice and data services for residential and business customers. Orbitel is expected to reach revenues of approximately EUR10 million, and earnings before interest, tax, depreciation and amortization, or EBITDA, of EUR1 million in 2009.
Company Web site: www.magyartelekom.hu
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=a%2B9%2B7AGMLKtlUOD8sI0Q6w%3D%3D. You can use this link on the day this article is published and the following day.
Publié le 17 novembre 2009 Copyright © 2009 Dowjones
Commentaires
Faire un Commentaire