CMS Budapest has advised the Invitel Group (Ilford Holding Kft. and Invitel Technocom Távközlési Kft.) on the signing of an agreement for the sale of shares representing 99% of the share capital and voting rights of Invitel Távközlési Zrt. to the Hungarian subsidiary of DIGI Communications. The agreement is subject to certain conditions, including approval by the Hungarian Competition Authority.
Invitel Távközlési Zrt. is part of the Invitel Group and is one of the key operators in the Hungarian telecommunications market with over 20 years’ experience, offering TV, internet and telephone services to residential and small business customers. The EUR 140m transaction is expected to complete in Q1 2018.
Earlier this year CMS Budapest has also assisted in the acquisition of Invitel Group by the China Central and Eastern Europe Investment Co-operation Fund, which is advised by CEE Equity Partners.
The CMS team assisting the Invitel Group was led by Anikó Kircsi, Partner, Head of Corporate/M&A and included Gábor Gelencsér, Senior Counsel from the corporate team. On the competition side, the team was supported by Dóra Petrányi, Partner, Head of Competition and Szabolcs Szendrő, Senior Associate.