Turkish trade group says telecom firm plans record investment in Hungary

By bne IntelliNews October 8, 2012

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An unnamed Turkish telecommunications company is set to ink a €250m-300m investment agreement in Hungary, Suat Karakus, head of the Turkish-Hungarian Chamber of Commerce and Industry, claimed on October 5. The deal would represent the biggest Turkish investment in the Central European country to date.

Karakus declined to name the company interested in investing in Hungary, reports MTI news agency. However, the CEO of Turk Telecom - the biggest player in the Turkish market - said earlier this year that the company is actively seeking to expand in CEE assets. "Our eyes are open for any opportunities in the region," Hakam Kanafani told Bloomberg in April.

Turk Telekom bought units of Hungary's Invitel Holding for about $275m in 2010 to extend its fibre-optic network from the Middle East to Germany. It's seeking assets "that will have synergies with Turkey," Kanafani said in the spring.

The next largest Turkish investor in Hungary is Celebi Ground Handling, which has committed €45m into operating services at Budapest International Airport. Karakus said that another investment by a Turkish glass making company is also being considered.

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