Published: December 20 2023
The Hungarian state has sold its stakes in telecommunications companies Yettel Magyarorszag and Yettel Real Estate Hungary, as well as its stake in CETIN Hungary, to a member of Czech investment company PPF Group. The proceeds from this sale will be used to fund the purchase of Budapest Airport.
Sale of Stakes in Telecom Companies
Corvinus International Investment, a state-owned company, has signed agreements to sell its 25 percent stakes in Yettel Magyarorszag and Yettel Real Estate Hungary, as well as its 20 percent stake in CETIN Hungary, to a member of the Czech investment company PPF Group.
Funding the Purchase of Budapest Airport
The funds obtained from the sale of the telecom company stakes will be used to finance the purchase of Liszt Ferenc International operator Budapest Airport.
Government's Role in the Telecommunications Sector
The Hungarian government will still maintain its involvement in the telecommunications sector through cooperation agreements with Magyar Telekom and Vodafone. Additionally, the government will retain Corvinus's 29.5 percent stake in Vodafone Hungary.
Sale Price Not Disclosed
The Economic Development Ministry did not disclose the sale price of the stakes in the telecom companies.
Questions & Answers
What is Corvinus International Investment? Corvinus International Investment is a state-owned company in Hungary.
Who has Corvinus International Investment sold its stakes to? Corvinus International Investment has sold its 25 percent stakes in Yettel Magyarorszag and Yettel Real Estate Hungary, and its 20 percent stake in CETIN Hungary to a member of Czech investment company PPF Group.
What will the proceeds from the sale be used for? The proceeds from the sale will be used to finance the purchase of Budapest Airport, the operator of Liszt Ferenc International.
What role will the government continue to play in the telecommunications sector? The government will continue to play a role in the telecommunications sector through its cooperation agreements with Magyar Telekom and Vodafone, as well as its 29.5 percent stake in Vodafone Hungary.
