Dutch telecom service provider KPN has reached an agreement to sell its 75.2 percent stake in Hungary's number two phone firm PanTel to Hungarian Telephone and Cable Corporation, KPN said on Thursday. KPN, which did not give financial details of the deal, has been selling off its east European assets in the last two years. The transaction is not expected to close before the end of this year, it said in a statement.
The Dutch company has been trying for some time to unload PanTel, which caters mainly to corporate clients, as it competes with Hungary's incumbent Matav .
KPN has been focusing instead on its home market in the Netherlands, Belgium and Germany. It has been seeking to expand its position in the mobile market and in February Britain's mmO2 rejected a takeover bid from the Dutch firm estimated at 9.3 billion pounds ($16.7 billion).
Source: Reuters
06.05.2004