Magyar Telekom sells Orbitel to SpectrumNet

17 Nov 2009

Hungarian Magyar Telekom has sold its 100% stake in Bulgarian alternative telecoms service provider Orbitel for around EUR5 million (USD7.5 million), to allow it to focus on activities elsewhere. ‘Magyar Telekom has signed a share purchase agreement with Spectrum Net to sell its fully owned subsidiary Orbitel … to exit the Bulgarian alternative retail telecommunications business and focus its operations on businesses where it sees more lucrative prospects,’ it said. The deal is subject to approval from the Bulgarian Competition Office. Magyar expects to close the transaction by the end of the first quarter of 2010. Orbitel is expected to generate revenues of about EUR10 million this year and EBITDA of EUR1 million.

Bulgaria, Magyar Telekom