Hungarian altnet Invitel restructures

Invitel, an infrastructure-based telecoms operator and IT service provider in Hungary, has completed a demerger implemented by its parent company, Netherlands-registered, London-headquartered Matel (Magyar Telecom BV – not to be confused with Hungarian incumbent Magyar Telekom [MTel]), itself majority controlled by private equity house Mid Europa Partners. The move followed earlier board approvals and shareholder consent. The group successfully petitioned the Hungarian courts to affect a demerger of Invitel Zrt (the main telecoms operating company) into separate legal entities for its ‘Residential & Small Business’ and ‘Corporate & Wholesale’ units. The new legal entities will be registered effective 30 June 2016 and will operate under the same shareholding and management structure. Invitel Zrt will continue to exist as the vehicle for the Residential & Small Business division, while Invitech Solutions Zrt will hold the Corporate and Wholesale unit. A third entity, Invitel Central Services Zrt, will be responsible for providing inter-company administrative services. All three companies are legal successors to Invitel Zrt.