(Bloomberg) -- Vodafone Group Plc has agreed to sell its business in Hungary in a deal valued at 1.8 billion euros ($1.8 billion) including debt.
The company sold the assets to 4iG Public Ltd. and Corvinus Zrt, a Hungarian state holding company, Vodafone said in a statement on Monday. The companies aim to close the deal by the end of the year.
The combination with 4iG will create the second-largest mobile and fixed communications company in the country and will go toward the government's strategy of creating a “national champion in the ICT sector,” Vodafone Chief Executive Officer Nick Read said in the statement.
Although Hungary is one of Vodafone's smaller units, its planned divestment shows Read's ongoing effort to simplify the business, which has also included the sale of Vodafone New Zealand. He's said he wants to consolidate Vodafone in key markets like Italy, the UK and Portugal.
Read More: Vodafone CEO Focuses on Deals in U.K., Italy, Spain and Portugal
Vodafone's shared VOIS business isn't included in the deal.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
