Invitel completes on sale and purchase agreement re: Fibernet acquisition

22 Nov 2010

Hungarian altnet Invitel Holdings has announced that its subsidiary Magyar Telecom (not to be confused with larger rival Magyar Telekom [MTel]) has signed a sale and purchase agreement with FN Cable Holdings to acquire all of the issued share capital of Fibernet Hungary, the sole owner of domestic operator Fibernet Kommunikajcia. Simultaneously Magyar Telecom has also entered into an asset purchase agreement with UPC Magyarorsza¡g, concerning the latter’s acquisition of approximately one-third of Fibernet’s network assets. The transaction could be completed in Q1 2011 after receiving the approval of the competition office GVH.

Fibernet provides cable television, broadband internet and telephone services to over 150,000 households and UPC is purchasing a network capable of serving 166,000 households – 80,000 subscribers are signed up at present.

Hungary, Invitel (a subsidiary of DIGI)