Telekom starts CEE consolidation

December 10, 2013 10.35 Europe/London By Chris Dziadul

Magyar Telekom HQDeutsche Telekom has transferred its majority stake in the Hungarian incumbent Magyar Telekom into the Dutch-registered company CMobil.

Quoting an approval by the Hungarian Energy and Public Utility Regulatory Authority, Portfolio reports that the transaction is being made in order to create a holding structure.

It adds that Deutsche Bank-created MagyarCom Holding directly owned Magyar Telekom until earlier this year.

However, the latter was then amalgamated into its direct parent company T-Mobile Global Holding Nr 2, which became the majority owner of Magyar Telekom.

CMobil now holds a majority stake in both Telekomís Czech and Hungarian operations.