China-CEE Fund to take over Hungarian operator Invitel

(Telecompaper) Magyar Telecom (Matel) announced an agreement to sell its subsidiary Invitel Group to the China CEE Investment Co-operation Fund, advised by CEE Equity Partners. The proposed sale, approved unanimously by Matel's board of directors, is subject to shareholder and Hungarian competition authority approval. The agreement values the Invitel Group, Hungary's second-largest fixed operator with a network covering over 1 million homes and businesses, at an enterprise value of HUF 63 billio