Magyar Telekom lines up Invitel bid

31 Mar 2006

Magyar Telekom, the Hungarian subsidiary of Deutsche Telekom, is reported to have submitted a bid for local telecoms rival Invitel, according to people familiar with the deal. Although no details have emerged, it is understood a possible buyout of Hungary’s second largest fixed line operator could cost in the region of EUR500 million.

Invitel is being put up for sale by American Investment Group’s (AIG’s) private equity unit AIG Emerging Europe Infrastructure Fund and GMT Telecommunications Partners. The auction is being managed by JPMorgan Chase & Co.

Hungary, Magyar Telekom