Magyar Telekom signs Heads of Terms about the sale of T-Systems Hungary
Budapest, July 9, 2019 11:00
With the successful closing of the transaction, Magyar Telekom and 4iG will enter into a partnership for the sale of telecommunications services of the large enterprise and public sectors
4iG Plc. and Magyar Telekom Plc. agreed on major terms regarding the sale of T-Systems Hungary - announced the companies on the homepage of the Budapest Stock Exchange (B T). Today, the parties have signed the heads of terms about the transaction. The transaction may be closed after the due diligence of T-Systems and obtaining the relevant regulatory approvals, later this year.
According to the announcement, published on the B T homepage, upon closing the transaction, 4iG shall purchase T-Systems Hungary, whereby they will be the owner of the company and its subsidiaries as well. In the agreement, concluded between 4iG and Magyar Telekom, the parties have already agreed on the most important terms of the transaction, with the fully detailed set of conditions to be worked out during the months to come.
The transaction does not include the small and medium enterprise segment sales business of T-Systems, which will be reorganized into Magyar Telekom, prior to signing the final sales agreement. After closing the sales process, 4iG and Magyar Telekom will enter into a long term partnership, since T-Systems will continue to sell Magyar Telekom's telecommunications services in the large enterprise and public segments. Furthermore, 4iG will also acquire rights to use the T-Systems brand name for an additional three years.
The accelerated digitalization of the economy represents a unique opportunity for 4iG. The objective of our company is to become a major corporation of the IT sector in this dynamically evolving market environment in Hungary, and within 2-3 years, in the region. - said Gell rt J szai, President and CEO of 4iG. T-Systems Hungary is one of the most important milestones in achieving our growth objectives. And the further development of our company may be boosted by the fact that, upon successfully closing the transaction, Magyar Telekom, a leading provider of the telecommunication market, will also become our strategic partner - added Gell rt J szai, reflecting on today's announcement.
In relation to signing the agreement, Tibor R kasi, CEO of Magyar Telekom said that We are proud of T-Systems, which - with its 1600 strong own workforce and thousands of people at partner companies - is a leading info-communications provider of the country and a transformation partner of several corporations and institutions. We have agreed with a professional strategic investor that will continue this innovation activity, and can support the further growth of T-Systems . He added that The objective purpose of Magyar Telekom remains the same: to always provide our customers with the best quality, integrated services, on the best network. We continue to build an efficient and agile Telekom, that strengthens its market leader positions, develops and grows, hence creates value for shareholders and society as a whole .
The intention of the parties is to close the transaction by the end of this year, subject to regulatory approvals, the due diligence process, the finalization of the contractual terms and signing the legal documentation. The full details of the transaction shall become binding upon signing the final sale and purchase agreement, of which the companies will inform investors and the members of the public later.
About T-Systems Hungary
With its continuously growing sales revenues, T-Systems Hungary is one of the most important info-communications companies of Hungary. During the past three years, its revenues in the IT and SI sectors increased by a factor of 1.5. Currently, the company has a staff of 1600. In 2018, the company was a market leader on both the telecommunications (51,3%) and IT/SI (16%) markets, within the enterprise segment. T-Systems Hungary was established as a wholly owned subsidiary of Magyar Telekom Plc. in 2012, using the international T-Systems brand, building upon the aggregated expertise of 5 renowned industry players of the then Hungarian market: KFKI System Integration Ltd., IQSYS Ltd., ISH Information Systems Ltd., Dataplex Ltd., and Daten-Kontor Ltd. The company extends its internal competencies with a rather wide network of partners, including 1300 firms, and operates a modern project and service management organization.As an innovative company, T-Systems was the first in Hungary to demonstrate an artificial intelligence based customer service solution (working for Magyar Telekom under the name of Vanda), and a test run of self-driving cars controlled using the 5G network, additionally, has credit for a number of major digitalization projects in the public transport, healthcare and banking sectors.
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Magyar Telekom signs Heads of Terms about the sale of T-Systems Hungary 
