Yettel and CETIN shares swapped for Vodafone by 4iG
The Group increased its ownership in Vodafone Hungary to 70.5 with the transaction
- Share swap agreement was concluded between Antenna Hungária Ltd., subsidiary of 4iG Plc., and Corvinus International Investment Ltd., representing the Hungarian state.
- Under the terms of agreement, Antenna Hungária swapped its 25% stake in the Hungarian subsidiaries of PPF Telecom Group for 19.5% of Vodafone shares held by Corvinus Ltd.
- Antenna Hungária increases its stake in Vodafone Hungary to 70.5% and ceases to have any shareholding in Hungarian Yettel and CETIN.
- With changes in ownership announced, the Board of Vodafone Hungary is to be enlarged to member of seven, which the 4iG Group has the right to delegate five members into, in line with ownership proportions.
- The swap transaction has been closed today.
4iG Group announced on the Budapest Stock
Exchange that Antenna Hungária Plc. had acquired from Corvinus International
Investment Ltd. 35,476,749 ordinary
shares of series A, with a nominal value of HUF 500 each, representing 19.5
percent of the share capital of Vodafone Hungary, through a share swap. The
transaction increased Antenna Hungária’s direct controlling stake in Vodafone
Hungary to 70.5 percent. With the swap transaction, Corvinus International
Investment Ltd. and thus the Hungarian state indirectly acquired the shares
representing 25% of the Hungarian subsidiaries of PPF Telecom Group (Yettel
Magyarország Plc., Yettel Real Estate Hungary Plc., and CETIN Hungary Plc.). As
a result of the swap, Antenna Hungária was replaced by Corvinus Ltd. as the indirect
owner of the 25% stakes in Hungarian companies of Yettel and CETIN, and
Corvinus Ltd’s stake in Vodafone Hungary was reduced to 29.5%.
“The increase our stake in Vodafone Hungary with the swap of financial investment Yettel and CETIN shares strengthen the efficiency of the integration of the telecommunications companies into the 4iG Group portfolio,” pointed out Péter Fekete, Group CEO of 4iG regarding the transaction.
Following the registration of changes in ownership structure, the Board of Vodafone Hungary is to be expanded from the current five to seven, with members of five from 4iG Group and two from Corvinus Ltd. The composition of the Supervisory Board and the state prerogatives in the governing bodies remains unchanged. Customers of Vodafone and Yettel are not affected with the change in the ownership structure, and both private and business clients will continue to benefit from the services of the companies.
Budapest, 20th March 2023
4iG Plc, a Hungarian majority-owned company based in Budapest, is the leading telecommunications and IT group in Hungary and the Western Balkan region, and one of the leading companies in the knowledge-based, digital economy. The Budapest Stock Exchange listed capital market company's fresh and innovative approach and its position as Hungary's leading IT systems integrator make the group a leading residential and business service provider in the region's digital transformation. 4iG's dynamic expansion strategy has made it a key player in the telecommunications markets in Hungary and the Western Balkans. The Group is continuously expanding its services, expertise, and portfolio to meet the changes and needs of the telecommunications and IT markets. 4iG Group currently employs nearly 9,000 people. www.4ig.hu
Group Head of Corporate Affairs and Communication
sajto (@) 4ig.hu