The Hungarian Competition Authority has approved the transaction between Delta Group and Est Media Nyrt. announced on 30 July, which was one of the conditions for a successful closing. Thus, the listed company will soon become the owner of the IT company Delta Systems Kft. with a turnover of nearly HUF 16 billion.
Delta Group and Est Media Nyrt. announced on 30 July this year that the listed company will acquire one of the leading Hungarian systems integrators, Delta Systems Kft., in a transaction including a share issue, while the holding company of Delta Group will become the majority owner of Est Media, listed on the Budapest Stock Exchange. The deal is expected to be finalised by 20 December, pending the fulfilment of a number of closing conditions.
Now the parties are even closer to closing the deal: the Hungarian Competition Authority has approved the transaction. The GVH has confirmed in its certificate that the merger notification does not give rise to a ground for an investigation under the Competition Act. The investigator's decision was also subject to the approval of the relevant Competition Council.
„We have been working hard in recent months to successfully close the transaction and to lay the foundations for the future of the listed company, and soon a new chapter in the life of the company can begin,” said István Papp, Chairman of the Board of Directors of Est Media Plc. Zsolt Bártfai, co-owner and member of the management board of Delta Group, added: „The approval of the GVH is an important milestone in the successful closing of the transaction and the listing of Delta Group on the Hungarian stock exchange.
