Magyar Telekom

Magyar Telekom

Magyar Telekom Nyrt. (Magyar Telekom Távközlési Részvénytársaság – Hungarian Telekom Telecommunications PLC.) is Hungary's largest telecommunications company. The former monopolist is now a fully consolidated subsidiary of Deutsche Telekom. Until May 6, 2005, it was (and informally still is) known as MATÁV (Magyar Távközlési Rt. - Hungarian Telecommunications PLC.). The company was formed under the name of Magyar Távközlési Vállalat (Hungarian Telecommunications Enterprise) in December 1989, when Magyar Posta (Hungarian Post) was split to three separate enterprises. On December 31, 1991, the company was re-structured as a Public Limited Company, as Magyar Távközlési Rt., and the company remained in 100% state ownership until the end of 1993. On July 1, 1993 the Telecommunications Act came into effect, and now it was possible to privatise the company. A consortium was formed by Deutsche Telekom and Ameritech International, which was named MagyarCom, and bought into the company a share of 30.1% for a price of 875 million USD.