Hungary sells 25% stake in Yettel

Private equity firm PPF Group signed agreements to acquire a 25% stake in Yettel Hungary and 20% in infrastructure company CETIN Hungary, from Hungarian state-owned Corvinus International Investment. 

The Budapest Times reported the announcement was made by the Economic Development Ministry, and sale prices for each transaction was not disclosed. Corvinus also holds a 29.5% stake in Yettel rival Vodafone Hungary which it will continue to hold. 

TeleGeography’s GlobalComms Database noted PPF group subsidiary PPF Telecom Group holds 75% of Yettel Hungary. 

However, PPF Group agreed to sell a 50% and one share interest in its Central and Eastern European telecoms division (excluding the Czech Republic) to UAE-based e&, in a deal that is expected to close in or during Q1 2024. 

This deal will give e&  local majority stakes in PPF’s Bulgaria, Serbia and Slovakia divisions.