The transaction set the net assets value of Orbitel at around €5 million. Magyar Telekom said that the company had decided to withdraw from Bulgaria's alternative retail-telecommunications market and focus its operations on businesses with more lucrative prospects.
The deal is subject to local competition office approval and is expected to close by the end of the first quarter of 2010.
Orbitel is expected to generate revenue of approximately €10 million and EBITDA of €1 million in 2009. Magyar Telekom expects the transaction to generate cash flow of around €3.5 million in the first quarter of 2010. The remaining part of the purchase price is in obligations undertaken by the buyer. (MTI-Econews)

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Richter Q4 group profit drops 2.7% on falling financial income
12:14, Feb 9 | Fourth-quarter consolidated net profit of Hungarian drug maker Gedeon Richter slipped 2.7% to HUF 13.6 billion from the same period a year earlier on a big drop in financial income, the company’s IAS report published on Tuesday shows.Disney, Google eye stake in China bus media firm
10:14, Feb 9 | A consortium led by Walt Disney Co is in advanced talks to buy into China's largest in-bus digital media and advertising company, a deal that could offer the US entertainment giant a new platform to promote Mickey Mouse in China, three sources told Reuters.
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