Invitel Holdings A/S announced today that its subsidiary Magyar Telecom B.V. ("Magyar Telecom") has signed a Sale and Purchase Agreement with FN Cable Holdings B.V. to acquire all of the issued share capital of Fibernet Hungary Tanácsadó Kft., the sole owner of Fibernet Kommunikációs Zrt. Simultaneously Magyar Telecom has also entered into an Asset Purchase Agreement with UPC Magyarország Kft. ("UPC") for the acquisition by UPC of approximately one-third of the Fibernet network assets.
Commenting on the transactions, Invitel Holdings' President and CEO Martin Lea said, "We are very pleased to have the opportunity to further invest in Hungary, using some of the proceeds from the recent sale of our International Business. Through the acquisition of Fibernet, Invitel will significantly increase its presence in the residential market."
Completion of the transactions is subject to certain closing conditions, including regulatory approvals.
ABOUT INVITEL HOLDINGS A/S
Invitel Holdings A/S is the number one alternative and the second-largest fixed line telecommunications and broadband Internet Services Provider in the Republic of Hungary, delivering voice, data and Internet services to residential and business customers.
Forward-Looking Statements and Legal Information
The information above includes forward-looking statements about Invitel Holdings and its subsidiaries. These and all forward-looking statements are only predictions of current plans that are constantly under review by Invitel Holdings. Such statements are qualified by important factors that may cause actual results to differ from those contemplated, including those risk factors detailed in Invitel Holdings' SEC filings, which may not be exhaustive. For a discussion of such risk factors, see Invitel Holdings' filings with the SEC, including, but not limited to, its 2009 Annual Report on Form 20-F. Invitel Holdings operates in a continually changing business environment, and new risk factors emerge from time to time. Invitel Holdings cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on its business or events described in any forward-looking statements. Invitel Holdings has no obligation to publicly update or revise any forward-looking statements to reflect the occurrence of future events or circumstances. In addition, because the Company has deregistered its common stock and is no longer subject to certain periodic reporting obligations with the SEC, the Company no longer intends to file or furnish any updates with the SEC.
Contacts:
Invitel Holdings A/S
Robert Bowker, (011) 361-801-1374 (Hungary)
Chief
Financial Officer