One of the Most Significant Transactions in the History of Hungarian Telecommunications is Signed

THE PARTIES HAVE AGREED ON THE TERMS OF THE SALE OF VODAFONE HUNGARY

Key facts:

•   Antenna Hungária Zrt., a subsidiary of 4iG Nyrt., Corvinus International Investment Zrt. ('Corvinus') representing the Hungarian State and Vodafone Europe BV have signed the binding sale and purchase agreement of 100% shares in Vodafone Magyarország Zrt. ('Vodafone Hungary' or 'the Target').
•   Following the due diligence, the parties have determined the Enterprise Value of the target company at HUF 660 billion.
•   The financial closing of the transaction is expected on 31 January with 4iG Nyrt. acquiring a 51% indirect controlling stake and the Hungarian State acquiring a 49% indirect stake in Vodafone Hungary, the second largest telecommunications company on the Hungarian market.
•   The market-shaping transaction will allow 4iG Group to strengthen its role as a convergent operator in all areas of the market.

The parties have signed the sale and purchase agreement, which will successfully complete the acquisition of Vodafone Hungary. After the due diligence of the Target, 4iG Group and Corvinus agreed with Vodafone Europe BV on the terms of the transaction. The parties have agreed on an Enterprise Value of HUF 660 billion, which is 7.1 times the EBITDA of the target company for the financial year ending as of 31 March 2022. Under the terms of the agreement, 4iG, as a professional investor, will acquire a 51 percent controlling stake in Vodafone Hungary through its subsidiary Antenna Hungária, while the Hungarian State will acquire a 49 percent indirect stake. The transaction is expected to close on 31 January, following payment of...