By Kyle Morris

Vodafone Group PLC said Monday that it has agreed to sell Vodafone Hungary to 4iG Public Ltd. and Corvinus Zrt. for 1.7 billion euros ($1.81 billion), with the proceeds to be used for deleveraging.

The U.K.-based telecommunications company said due diligence has been completed and the companies have entered into binding terms on the deal, which is set to complete in January.

On Aug. 22, Vodafone Group said it had entered terms to sell Vodafone Magyarorszag Tavkozlesi Zrt, or Vodafone Hungary, for an enterprise value of 715 billion Hungarian forints ($1.93 billion) and that Vodafone's shared services business in Hungary, VOIS, wasn't included in the deal and will continue to provide services to its other operating companies.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

January 09, 2023 03:02 ET (08:02 GMT)

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