Magyar Telekom has announced a share purchase agreement to acquire a 100% stake in GTS Hungary from Deutsche Telekom for a purchase price of approximately HUF13.2 billion (US$49.17 million).

Currently, GTS Hungary provides fixed voice, data and IT services to 7 thousand business customers and also provides fixed telephony and internet services to 11 thousand residential clients across Hungary. Completion of the intra-group transaction is anticipated in the second quarter of 2015.