Hungary's 4iG will become the owner of Invitech ICT Services after the company concluded a sales contract with ICT Services' owner, Cyprus-based Rotamona, according to a report by state news wire MTI.
The acquisition is a significant step in the implementation of 4iG's growth strategy in the telecommunications market, the listed Hungarian IT company said.
With the transaction published on the website of the Budapest Stock Exchange, the capital market company acquires 100 percent ownership in the company in exchange for an unspecified amount. The transaction may be approved by the Hungarian Competition Authority.
With more than 600 employees and a history of two decades, Invitech is one of the leading large companies in Hungary in the field of high-capacity optical backbone networks and wholesale services for market players. The company provides complex info communication services to more than 5,000 corporate, institutional and wholesale customers.
Its portfolio includes broadband business Internet, data center, IT security and cloud solutions, as well as voice and IT services. Invitech’s own optical network with 11 border crossing points and total national coverage of 11,000 km is the second largest in Hungary. The company operates 23,000 end-user IT devices, has five in-house data centers, and uses its infrastructure services from all domestic mobile operators.
According to TeleGeography, Invitech takeover is the latest in a string of acquisition deals for Budapest Stock Exchange-listed 4iG, which in March agreed to acquire 100% of broadband, pay-TV, and mobile network operator DIGI (Hungary) – including subsidiaries Invitel and i-TV – aiming to complete the transaction by end-September. Furthermore, in June 4iG bought a 75% stake in satellite operator Hungaro DigiTel, and that month it entered into a preliminary agreement to buy a 51% stake in another international satellite provider, Israel’s SpaceCom.