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Mid Europa Partners and GMT Communications Partners announce completion of sale of Hungary's Invitel for €470 million

27 April 2007

Mid Europa Partners ("Mid Europa"), GMT Communications Partners ("GMT") and the senior management of Invitel announced today that they completed the sale of Matel Holdings N.V., owner of Invitel Távközlési ZRt. ("Invitel"), Hungary's second largest fixed line telecoms operator, to Hungarian Telephone & Cable Corp ("HTCC") for a total consideration of €470 million.

The agreement to sell Invitel was first announced on 9 January 2007.

Invitel is the incumbent fixed telecommunications services provider in its historical concession areas, which covers approximately 1.4 million people, representing 14% of Hungary's population. Invitel also provides fixed telecommunications services as an alternative operator in the remainder of Hungary, through its network covering 16 major urban centres.

HTCC, through its Hungarian subsidiary Hungarotel Távközlési Zrt., is the incumbent fixed telecom service provider in historical concession areas covering 7% of Hungary's population and also has a nationwide network serving predominantly business customers in the remainder of Hungary.

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