Magyar Telekom: sells stake in Crnogorski Telekom for HUF 38.1bn
Magyar Telekom has announced that it has signed an agreement with Hrvatski Telekom to sell its majority (76.53%) stake in Crnogorski Telekom for EUR 123.5m (approximately HUF 38.1bn at the 9 January 2017 HUF/EUR exchange rate of 308.7). The disposal of this stake is the result of Magyar Telekom’s focus on its Hungarian operations and its willingness to accelerate the deleveraging process (the telco is targeting a 30-40% net debt/total capital ratio). Following the closing of the transaction, expected by the end of January 2017, the Montenegrin operations will no longer be consolidated into Magyar Telekom Group’s financials.Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).
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