March 7 (SeeNews) - Hungarian IT service management company 4iG said it has completed the acquisition of an 80.27% stake in Albania's Albtelecom from Cetel Telecom, a subsidiary of Turkish diversified group Calik Holding.
After the transaction, Albania continues to own a minority stake in Albtelecom through the ministry of finance and economy, which holds 13.78% interest, and the Albanian Post, which has a 2.47% stake, 4iG said in a statement on Friday.
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The remaining 3.48% stake is distributed among individual shareholders.
Albania's competition authority approved the sale of the majority interest in Albtelecom to 4iG in January.
As part of the deal, Calik Holding will carry out a capital increase of more than 8 billion Hungarian forints ($22.2 million/20.4 million euro) at 4iG to acquire less than 5% interest in 4iG, the Hungarian company said.
Established in 1912, Albtelecom is the largest provider of landline telecommunications services and the third largest mobile operator in Albania. Albtelecom posted revenues of 57.9 million euro ($63 million) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 17.4 million euro in 2020.
(1 euro = 392.973 Hungarian forints)