The proposed sale is subject to shareholder and Hungarian competition authority approval. It values the Invitel Group at an enterprise value of €202m.

Competition Authority filings are being submitted parallel to the shareholder consent process.

Following shareholder consent, the proposed sale is estimated to complete in the second half of February, upon Competition Authority approval.

Commenting on the transaction, Mark Nelson-Smith, Chairman of Matel B.V. said:

“The Invitel Group has achieved an impressive operational turnaround over the past several years, returning to EBITDA growth starting in 2015 after a decade of decline. The China- CEE Fund and CEE Equity Partners will provide the Company with the support and stability to develop its business further. “

Tamas Szalai, CEE Equity Partners Investment Director, writes:

 “The Invitel Group’s focus on residential fiber developments and converged B2B IT-telco solutions is a winning strategy.”

Invitel Group consists of two businesses: Invitel Telecommunications, which offers TV, Internet and phone services and Invitech Solutions, which provides data centre and cloud services to businesses and institutions.