Hungarian Telephone and Cable Corp (HTCC) has announced the completion of the acquisition of Invitel Távközlési Szolgáltató (Invitel), the second largest fixed line telecoms service provider in Hungary. HTCC acquired 100% of the shares in Matel Holdings – and thereby indirectly 99.98% of Invitel shares – for a total of EUR470 million (USD639 million), plus the assumption of net debt of EUR387 million. The remainder of the consideration comprised a cash payment by HTCC to the owners of Invitel and the issuance of approximately 962,000 shares of HTCC’s common stock to members of Invitel’s management team in return for some of their Invitel shares.
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