RCS&RDS pursues new acquisitions in Hungary

RCS&RDS makes more acquisitions in Hungary

Newsroom 27/08/2012 | 09:58

Romanian company RCS&RDS was one of the four entities that acquired nearly all the shares in Hungarian telecommunications company TvNetWork, according to an article published in the Budapest Business Journal (BBJ).

“The four biggest owners of telecommunications company TvNetWork acquired 99.61 percent of the company in a concerted buyout offer closed on August 21, TvNetWork said on Thursday,” announced the publication.

Thus, apart from RCS&RDS, the other companies involved in the transaction are Carose, based in The Netherlands, Trumbull Capital Advisers and Sjor Capital Limited, both registered in Cyprus. The four entities announced in June that they would make a concerted public buyout offer for the company’s shares, says BBJ.

The offer was made by Digi Kft on June 29 at a price of HUF 300 per share. The four owners held more than 85 percent of shares at the time, with more than 99 percent of voting rights.

“TvNetWork is one of the bourse’s sleeper shares. Digi acquired 30 percent of the company at the end of 2009 as a strategic investor, and the company sold its telecommunications networks in 2010, closing its telecom operations. A decision to withdraw the shares of TvNetWork from the Budapest Stock Exchange was taken in 2010. The shares are yet traded in category ‘B’ of the exchange,” says the newspaper article.