Vodafone To Sell Hungarian Business For $1.8B: Report

Vodafone Group Plc VOD forged an agreement with Hungarian 4iG and state-run Corvinus Zrt to divest its Hungarian business for 715 billion forints ($1.8 billion) in cash, Reuters reports.
The deal excluding Vodafone's shared services business VOIS will likely create Hungary's second largest telecoms operator.
"The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the (Information and Communications Technology) sector," Vodafone CEO Nick Read said.
They look to complete the transaction by the end of 2022.
Earlier, Vodafone agreed to sell its operations in Ghana to Telecel Group for undisclosed terms.
Vodafone clocked a 1.6% revenue growth in the first quarter of FY23 to €11.28 billion, mainly driven by service revenue growth in Europe and Africa. The organic revenue growth was 2.7% Y/Y.
The service revenue grew 1.3% Y/Y to €9.51 billion. The organic service revenue growth was 2.5% Y/Y.
Price Action: VOD shares traded lower by 1.11% at $14.24 in the premarket on the last check Monday.
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