Hungary-based 4iG Group announced the acquisition of regional operator PR-Telecom for an undisclosed fee to expand its optical network coverage.
In a statement, the operator group stated it struck a purchase agreement for 100% of shares in PR-Telecom. The regional operator is a provider of TV, broadband and fixed telephony services in 10 provinces. Around 250,000 households are connected to its fixed infrastructure which stretches 3,400 kilometres.
PR-Telecom employs 160 people and there was no hint of any lay-offs due to the acquisition. Marina Szunyoghne Fojt, a board member of PR-Telecom will take the reins as CEO, while Zoltán Fojt remains as Chief Operating Officer.
The transaction is expected to be closed in Q4 this year pending approval from the Hungarian competition authority.
4iG Group CEO Pete Fekete said: “The buyout of PR-Telecom is a good opportunity for us to expand our optical network and coverage in Hungary. The transaction allows us to strengthen our leadership further in the fixed segment, and in some areas spares time and resource of intensive network expansion investments.
“With synergies and cross-selling opportunities, and development of the network, we will be able to offer PR-Telecom customers a higher quality and wider range of services in the future. We continue to rely on the management and employees of PR-Telecom in future operations."