Press Releases

Magyar Telekom signs agreement to sell Origo Zrt.

Budapest, December 17, 2015 15:30

Magyar Telekom signed an agreement today to sell its 100% shareholding in Origo Zrt. to New Wave Media Kft., for a total consideration of approximately EUR 13.2 million (ca. HUF 4.2 billion). The transaction closing is expected in the first quarter of 2016.

The transaction is in line with Magyar Telekom’s increased strategic focus on its core business and on further strengthening its free cash flow generation.

Origo’s activities covering 17 years from December 1998 have been acknowledged as a major value-creating asset in Hungary’s media market. As a member of the Magyar Telekom Group, Origo Zrt. has grown to become one of Hungary’s leading media companies and achieved market leadership in several of its business areas through its business lines such as the news portal, the Freemail e-mailing system and the Adnetwork online advertising network.

The transaction is not subject to competition authority approval and certain business activities (such as Clickshop and other minor activities) will be excluded from the deal.