The acquisition is intended to further strengthen Magyar Telekom’s market position among business customers, including international wholesale carriers.
"We plan to fully integrate GTS Hungary's operation to the Magyar Telekom Group within a couple of years providing opportunities to reach fixed and mobile cross-selling possibilities, leveraging better our wholesale and IT operations and also cost synergies thanks to process, network and headcount rationalisation," the company said in a statement.
The transaction is expected to be completed in the second quarter of 2015.
GTS Hungary provides fixed voice, internet, data and IT services to approximately 7,000 business customers and also provides fixed internet and telephony services to around 11,000 residential clients across the country.
In a move to improve its mobile broadband services, the company has also entered into a network-sharing agreement with Telenor Hungary which will allow both companies to use their respective 800MHz frequencies.
