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Magyar Telekom eyes IT sector takeovers -paper

Wed Jun 17, 2009 2:06am EDT

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BUDAPEST, June 17 (Reuters) - Magyar Telekom MTEL.BU is still in the market for IT sector acquisitions, primarily among healthcare, banking and retail software developers, business daily Vilaggazdasag reported on Wednesday.

Citing deputy Chief Executive Istvan Papp, the paper said Magyar Telekom, a unit of Deutsche Telekom (DTEGn.DE), was seeking takeovers in the sector both at home and the foreign markets it operates in, such as Macedonia and Montenegro.

Bulgaria and Romania were also possible areas of expansion, the paper cited Papp as saying .

Magyar Telekom said last month it would buy healthcare IT service provider International System House (ISH) for 2.9 billion forints ($14.70 million) minus net debt on the date of settling the transaction. The company expects to close the transaction in the third quarter, pending competition authority approval.

Magyar Telekom stock finished trade at 606 forints on the Budapest Stock Exchange on Tuesday. ($1=197.26 Hungarian Forint) (Reporting by Gergely Szakacs; editing by Simon Jessop)



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