A share swap agreement was carried out between state-owned Corvinus Zrt. and Antenna Hungária Zrt., a subsidiary of 4iG Nyrt. Through the transaction, Corvinus Zrt. has acquired an indirect minority stake in Yettel Magyarország. The transaction further enhances the assets and participation of the Hungarian state in the strategically important telecommunications sector.
Antenna Hungária (AH) has acquired 35,476,749 ordinary shares of HUF 500 (EUR 1.27) each, representing 19.5% of the share capital of Vodafone Magyarország, from Corvinus Zrt., through a share swap. With this transaction, Antenna Hungária increases its direct shareholding in Vodafone Magyarország to 70.5%, while the Hungarian state, through Corvinus, indirectly acquired the 25% shares in PPF Telecom Group’s Hungarian subsidiaries, i.e. Yettel Magyarország Zrt, Yettel Real Estate Hungary Zrt. and CETIN Hungary Zrt.
As a result of the exchange, Corvinus Zrt. becomes the owner of the Yettel-CETIN companies in Hungary instead of Antenna Hungária. Corvinus Zrt.’s stake in Vodafone Magyarország decreases to 29.5%.
Czech PPF Telecom Group is a leading telecommunications operator in Central and Southeastern Europe (Bulgaria, Czech Republic, Hungary, Serbia, and Slovakia). It acquired Norwegian Telenor Group’s mobile subsidiaries in Central and Eastern Europe in 2018 and announced last January that it would rename its Hungarian stake Yettel Magyarország Zrt. from March. Yettel Hungary has almost 3.1 million customers.