TDC Denmark ups stake in HTCC

Danish telecoms operator TDC has acquired a further 2.5 million shares in its majority-owned Hungarian services provider, Hungarian Telephone and Cable Corp (HTCC), raising its holding from 63% to 68%. TDC has agreed to pay USD10 per share for the additional stake, which exercised warrants by transferring USD25 million back to HTCC in notes which are set to expire on 31 March. Torben V. Holm, HTCC’s president and chief executive officer, said the move will help finance the acquisition of Invitel, the second largest telecom provider in Hungary. In January this year the company announced it had agreed to pay Magyar Telekom USD611 million for Invitel, including the assumption of debt.