Acquisition-hungry ice cream man turns to Hungary to scoop up remainder of telco

29 Aug 2012

Romania Cable Systems (RCS&RDS) has been named as one of four entities that has acquired the bulk of the shares in Hungarian telecommunications company TvNetWork, the Romanian Business Review reports. RCS&RDS was joined by fellow shareholders Carose, which is based in the Netherlands, Trumbull Capital Advisers and Sjor Capital Limited, both of which are registered in Cyprus, to acquire 99.61% of the company in a concerted buyout offer. The offer, of HUF300 (USD1.34) per share was made through the company’s nominal owner DIGI Telecommunications on 29 June; previously the four owners held more than 85% of TvNetWork’s shares, and around 99% of the voting rights.

Citing information by the Budapest Business Journal, the publication notes that DIGI acquired 30% of TvNetWork as a strategic investor at the end of 2009 as a strategic investor, before taking over the company outright in July 2010 for an undisclosed sum.

RCS&RDS is owned by enigmatic Romanian tycoon Zoltan Teszar, who made his fortune running a chain of ice cream kiosks, and refuses to face-to-face contact with his fellow shareholders.

Hungary, DIGI (Hungary), RCS&RDS (DIGI)