In Britain, Vodafone will sell its Hungarian business for 715 billion forints ($1.8 billion) in cash. The company will create locally-owned telecoms leaders in the central European country in this deal. In the agreement, the British mobile and broadband group said that the non-binding terms buyers, Hungarian 4iG and state-run Corvinus Zrt, said. Vodafone shared services business VOIS is supposed to create Hungary’s second-largest telecom operator. This sale project is supposed to be completed by the end of 2022

“The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the (Information and Communications Technology) sector,” Vodafone Chief Executive Nick Read said in a statement.

According to the company’s statement, the combination with 4iG will make it the second largest mobile and fixed communications company in the country. Vodafone Chief Executive Officer Nick Read said this would go towards the government’s strategy of creating a “National Champion in the ICT Sector”.

The state-owned telecom company plans to take 49 per cent of the asset through Corvinus, while 4iG and IT telecom company and 51 per cent will remain independent. Nearly after three decades of global expansion. The Europe and Africa market has focused on Vodafone. This telecom company has increased its number of shareholders in return for regulation, fierce competition, continued investment demand in networks and loss of revenue from services.