Hungary's competition watchdog GVH has on Monday approved Magyar Telekom's acquisition of hospital information technology service provider International System House Kft. (ISH), GVH said in a press release. At the end of May this year, the country's largest telecommunications company signed a share purchase agreement to acquire a 100% equity stake in International System House Kft (ISH) for an "agreed enterprise value" of HUF 2.9 billion (EUR 10.64 m).
2009.05.29 10:50
Hungary Magyar Telekom buys hospital information firm for EUR 10 m It noted that the value of the net debt would be subtracted from the above sum at the closing of the transaction. "Depending on 2009 and 2010 financial performance, further earn-out payments could be made," Magyar Telekom said in May.
ISH, which is fully owned by US-based Britex International LLC, specializes in developing, installing and operating integrated healthcare IT services. With market leadership in its segment, the company achieved nearly HUF 2.9 billion of revenues in 2008 and EBITDA of HUF 1 billion.
ISH, which bought the licenses of its jointly developed medical software MedSolution from US IT giant IBM Corp. at the end of the 1990s, is the largest player on the market in Hungary, GVH added. Its size is several times as large as that of its main rival.
Deutsche Telekom AG (DT) holds a 59.2% stake in Magyar Telekom.
The watchdog said the deal will not create or enhance a market power that would impede the formation, sustaining or development of efficient competition on the market in question or on a considerable part of it.
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