Matav signs Montenegro deal

17 Mar 2005

The Hungarian telco Matav (Magyar Telekom) has formally signed an agreement to acquire a 51.12% stake in Telekom Montenegro. As reported last week, the privatisation council of the Republic of Montenegro approved Matav’s EUR114 million bid and recommended to the government that the deal should go ahead. Matav has announced that it has also agreed the purchase of an additional 15.97% stake in Telekom Montenegro for EUR17 million from existing investors. The Hungarian telco is eventually hoping to take full control of its new subsidiary and has promised to invest EUR67.28 million in the company over the next five years.

Serbia, Crnogorski Telekom, Magyar Telekom