Hungarian IT service management company 4iG said it has signed a final contract to buy an 80.27% stake in Albanian telecommunications operator Albtelecom from Cetel Telecom, a majority-owned subsidiary of Turkey’s diversified holding company Calik Holding.
ALBtelecom is Albania’s leading fixed-line internet and TV operator, the largest owner of a fibre network in the country, and a mobile operator with a significant network of its own.
The transaction is expected to close in January 2022, subject to the approval of the Albanian authorities, 4iG said in a press release.
"The acquisition is another important step in the 4iG Group’s expansion strategy in the Western Balkans: the group expands in another country in the region as a strategic investor, bringing its telecommunications and digital services," the Hungarian company added.
After the transaction, Calik Holding, one of the largest conglomerates of Turkey, will become an institutional investor in 4iG.
The Albanian state will continue to exercise its minority ownership rights in the company through the Albanian Ministry of Finance and Economy (13.78%) and the Albanian Post (2.47%).
ALBtelecom’s shares will be acquired by 4iG in a multi-step transaction, which will result in Calik Holding, one of Turkey’s largest conglomerates, acquiring a stake of around 3,2% in the Hungarian info-communications group as an institutional investor.
“ALBtelecom is a telecommunications provider with strong growth potential. The acquisition is an important step in our expansion in the Western Balkans telco sector, which may open up further opportunities for us in the Albanian telecommunications and IT markets.” - said Gellert Jaszai, Chairman & CEO of 4iG, after the signing of the agreement.
“We have come to the country as a strategic investor, where we want to be present in the long term in providing high-quality services to retail and corporate customers. Our acquisition is an important step through our strategic goals, and we are committed to the development of the Albanian telecom sector and Albania’s digitalisation efforts," Gellert added.