25 October 2005
After obtaining the approvals of competition authorities, Swisscom and the Hungarian Privatization and State Holding Company (APV Rt.) have completed the transaction of the purchase of a 75% stake (plus one share) in Antenna Hungária Rt. to Swisscom announced on 21 July 2005. The purchase price for the share package is CHF 293 million. Swisscom will initiate the mandatory takeover offer to the minority shareholders within 15 days.
With around 910 employees and annual revenues of around CHF 160 million, Antenna Hungária Rt. is currently well positioned in the analogue radio and television broadcasting business and is therefore well placed to play a leading role in the migration to digital broadcasting in Hungary. Swisscom will contribute its broad know-how in the digital broadcasting business to Antenna Hungária and regards this as chance to pursue growth opportunities outside Switzerland.
According to Hungarian capital market rules Swisscom is required to tender a public offer to the minority shareholders of Antenna Hungária for at least the same purchase price per share as paid for the 75% plus one share holding i.e. HUF 5,250 per share. If all the shares were tendered at this price, Swisscom would have to pay around an additional CHF 100 million. Swisscom is aiming for a 100% shareholding and a delisting of the Antenna Hungária shares will be considered.