British giant Vodafone reached an agreement on Monday to sell its Hungarian operations to the local IT company 4iG and state fund Corvinus for EUR 1.7 billion, Reuters reports.
According to the terms of the transaction, the Hungarian IT company 4iG will control the majority stake of 51%, while the Hungarian state, through the Corvinus fund, will hold the remaining 49%.
Vodafone stated that the funds from this sale will are needed to cut the company’s debts. Under CEO Nick Read, Vodafone began selling off assets to focus on its key operations in Europe and Africa.
As of March 31, 2022, Vodafone had over three hundred million users of mobile services, over twenty-eight million users of fixed broadband services and twenty-two million customers of TV services worldwide.