<p>British telecoms group Vodafone agreed Monday to sell its Hungarian division to local peer 4iG and state-owned holding company Corvinus Zrt for 1.8 billion euros ($1.8 billion).</p>.<p>The London-listed giant added in a statement that the proposed sale would create Hungary's second largest fixed-line and mobile telecoms operator.</p>.<p>"This combination with 4iG will allow Vodafone Hungary ... to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator," added Chief Executive Nick Read in the statement.</p>.<p>"The combined entity will increase competition and have greater access to investment to further the digitalisation of Hungary."</p>.<p>The sale "also supports the Hungarian state's goal of creating a national ... champion" in information and communications technology.</p>.<p>A Vodafone spokesman said proceeds will be used to deleverage its balance sheet, or cut debt, as it looks to build scale in other markets.</p>.<p>European heavyweight Vodafone, which has been restructuring for several years, expects the sale to complete at the end of 2022.</p>.<p>As part of this strategy, Vodafone spun off and listed its phone masts division Vantage Towers on the German stock market last year.</p>
<p>British telecoms group Vodafone agreed Monday to sell its Hungarian division to local peer 4iG and state-owned holding company Corvinus Zrt for 1.8 billion euros ($1.8 billion).</p>.<p>The London-listed giant added in a statement that the proposed sale would create Hungary's second largest fixed-line and mobile telecoms operator.</p>.<p>"This combination with 4iG will allow Vodafone Hungary ... to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator," added Chief Executive Nick Read in the statement.</p>.<p>"The combined entity will increase competition and have greater access to investment to further the digitalisation of Hungary."</p>.<p>The sale "also supports the Hungarian state's goal of creating a national ... champion" in information and communications technology.</p>.<p>A Vodafone spokesman said proceeds will be used to deleverage its balance sheet, or cut debt, as it looks to build scale in other markets.</p>.<p>European heavyweight Vodafone, which has been restructuring for several years, expects the sale to complete at the end of 2022.</p>.<p>As part of this strategy, Vodafone spun off and listed its phone masts division Vantage Towers on the German stock market last year.</p>