LKT advises on the sale of Vodafone Hungary

Lakatos, Köves & Partners (“LKT”) advised Vodafone plc on the sale of Vodafone Magyarország Zrt. ("Vodafone Hungary") to 4iG Nyrt. and Corvinus Zrt., a Hungarian state holding company, for a total cash consideration of HUF 660bn (€1.7bn). LKT worked alongside renowned English law firm Slaughter & May.

The sale is one of the biggest M&A transactions in Hungary in recent years and also the largest ever transaction in the Hungarian telecoms sector, which will have a major impact on the sector. The deal required complex transactional, regulatory, corporate and finance legal advice with particular attention to the financial dynamics of the market.

Vodafone is unique in its scale and is the largest pan-European and African technology communications company transforming the way of living and working through its innovation, technology, connectivity, platforms, products and services. Vodafone operates mobile and fixed networks in 21 countries, and partners with mobile networks in 47 more. As of 30 September 2022, Vodafone had over 300 million mobile customers, more than 28 million fixed broadband customers, and 22 million TV customers. Vodafone is a world leader in the Internet of Things (IoT), connecting more than 150 million devices and platforms.

In recent years LKT also advised Vodafone on its acquisition of Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania (alongside Slaughter & May). That transaction won the CEE Legal Matters "Deal of the Year 2018" award for Hungary.

Iván Sólyom, Partner, Head of Corporate and M&A commented: “We are very proud to have advised again such a significant market player on such a complex transaction but also sad to see such a good and professional client leave the Hungarian market”

LKT’s core legal team was led by Iván Sólyom Partner, Head of Corporate and M&A and included Pál Rahóty, György Tóth, Nóra Szigeti, Soma Schóber and Anna Handlery from the M&A team, John Fenemore and Nóra Kertai from the Banking & Finance team and Balázs Kántor, Head of Tax team.