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Vodafone to Sell Hungarian Unit for €1.7 Billion

Vodafone Group has reached binding terms with 4iG and Corvinus to sell its Hungarian unit for a cash consideration of €1.7 billion.

Vodafone Logo
Vodafone Logo

The proceeds from the transaction will be used to pay off debts. The sale is expected to be completed this month.

Transaction to Increase Competition and Investment in Digitalization in Hungary

Vodafone's interim CEO, Margherita Della Valle, stated that the business bought by 4iG and Corvinus would help increase competition and accelerate investment in digitalization in Hungary. The 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.

Vodafone Facing Pressure from Activist Investors

The deal comes as Vodafone faces pressure from activist investors to scale back its international businesses and bolster shareholder returns.