The Hungarian state is selling its stake in mobile phone operator company Yettel Hungary. The state-owned Corvinus International Investment Ltd. has concluded agreements on the sale of its 25 percent stake in Yettel Hungary Ltd. and Yettel Real Estate Hungary Ltd., and its 20 percent stake in CETIN Hungary Ltd., the Ministry of Economic Development said in a statement. The proceeds of the transaction will be used by the state to finance the reacquisition of Budapest Airport, Világgazdaság writes quoted by Hungary Today.

The buyer is Dutch holding company TMT Hungary Holdco B.V., a member of the PPF Group. The valuation of the state’s shareholding and the MEIP test of the market conformity of the transaction were carried out by independent experts. The ministry highlighted that the proceeds of the transaction will be used by the state to finance the buy-back of Budapest Airport.”

The government’s involvement in the strategically important telecoms sector will be maintained after the transaction, through a cooperation agreement with Magyar Telekom and Vodafone. Corvinus Ltd. will continue to hold a 29.5 percent stake in Vodafone Hungary, one of the market leaders, thus being able to contribute strongly and effectively to the development of the sector from an ownership perspective, according to the ministry. They stressed that Yettel’s customers will not be directly affected by the change in the ownership structure and that residential and business customers will continue to benefit from the company’s services in the same way.

As Hungary Today reported last week, Hungary wants the Qatar Investment Authority to be part of the consortium the cabinet is forming to buy and develop Budapest Airport Ltd., with plans to build a third terminal. Last week, Economic Development Minister Márton Nagy told Bloomberg that the deal was very close to being finalized, but that the signing of the agreement could be delayed until next year.