Extraordinary Announcement of 4iG Plc.
On signing a sale and purchase agreement regarding the acquisition of 51% stakes in Vodafone Magyarország Zrt.
4iG Public Limited Company (“4iG”) hereby informs the participants of the capital market that following the completion of the due diligence, 4iG’s subsidiary “ANTENNA HUNGÁRIA” Zrt., together with the Hungarian State, represented by Corvinus Nemzetközi Befektetési Zrt., have entered into a final sale and purchase agreement with Vodafone Europe BV on January 08th, 2023, to acquire a 100% stake in Vodafone Magyarország Zrt. (“Vodafone Hungary”) (“Transaction”), Hungary’s second largest telecommunications company.
Following the completion of the due diligence the parties determined that the enterprise value of Vodafone Hungary is 660 billion Hungarian Forint, which is 7.1 times the EBITDA of the target company for the financial year ending as of 31 March 2022.
The acquisition is aimed to be closed at the end January, after the payment of the purchase price, as a result of which 4iG will become the indirect majority owner of 51% of Vodafone Hungary, while the Hungarian State will have an indirect 49% stake.
J.P. Morgan SE, one of the world’s largest investment banks, assisted in preparing and arranging the financing, and acted as financial advisor to 4iG. International advisors such as CMS Cameron McKenna Nabarro Olswang, EY Hungary, Deloitte, Omnitele, and global strategy consultant Arthur D. Little were involved in the due diligence of the company and in the preparation and development of the legal, valuation, and technical framework of the Transaction.
Budapest, 09th January, 2023