MTel acquires systems integration specialist

Hungary’s dominant telecoms operator Magyar Telekom (MTel) has purchased a 100% stake in systems integration and infrastructure support company KFKI Direkt. In a statement to the local stock exchange, MTel said the purchase price for the company is HUF300 million (USD1.35 million) plus a one-off payment of up to HUF100 million depending on KFK1 Direkt’s financial performance in 2009. The smaller company generated EBITDA of about HUF200 million in 2008 on revenues of HUF1.5 billion. The transaction is expected to be completed in the second quarter of 2009.