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Magyar Telekom Sells Bulgaria Telco Orbitel for EUR 5 M

Date: 18.11.2009

Hungary’s Magyar Telekom announced Tuesday that it has sold Orbitel, its fully-owned Bulgarian subsidiary, to Bulgarian company Spectrum Net AD for EUR 5 M.

"Magyar Telekom decided to exit the Bulgarian alternative retail telecommunication business and focus its operations on businesses where it sees more lucrative prospects," MTel said in a statement on the website of the Budapest Stock Exchange (BSE), cited by portfolio.hu

The deal is subject to local Competition Office approval and is expected to close by the end of the first quarter of 2010.

Orbitel is an alternative telecommunication service provider in Bulgaria offering fixed line voice and data services for residential and business customers. It is expected to reach revenues of around EUR 10 M and EUR 1 M of EBITDA in 2009.

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