D&E Communications, Inc. Sells Its Hungarian Investment.EPHRATA, Pa.--(BUSINESS WIRE)--Oct. 18, 1999-- PenneCom B.V., a provider of local exchange telephone, cable television and data transmission services in Central Europe, announced today that it has signed a definitive share purchase agreement to sell its Hungarian operations known as Monor Telephone Company (MTT MTT 3-(4,5-Dimethylthiazol-2-Yl)-2,5-Diphenyltetrazolium Bromide MTT Machine Tool Technology MTT Microwave Theory and Techniques MTT Mobile Task Team MTT Multi-Table Tournament (poker) ) to United Pan-Europe Communications, N.V. (UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). ). D&E Communications (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DECC DECC Duluth Entertainment Convention Center (Duluth, MN) DECC Defense Enterprise Computing Centers DECC Distance Education Coordinating Council DECC Danish-Estonian Chamber of Commerce (Tallinn, Estonia) ) holds a one-third ownership in PenneCom. Under the terms of the agreement, UPC has acquired PenneCom's 48.3% interest in Hungarian-based MTT for $45 million. The transaction, subject to customary closing conditions, is expected to be completed by the end of the year. D&E's initial investment in MTT was approximately $6 million. MTT owns licenses to provide local exchange and cable television services in the Monor region of Hungary. G.William Ruhl, Senior Vice President for D&E Communications noted, "D&E has profited significantly from its investment in Hungary and is pleased to have provided telephone service to the residents of the Monor region. Today, nearly 80% of homes have telephone service, up from 5% of homes six years ago. We will use the return from our Hungarian investment to help finance other growth opportunities for the company." D&E Communications, Inc., is a full-service telecommunications company based in Lancaster County, PA. Through its subsidiaries and affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , D&E Communications offers both local and long distance service, wireless PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. service, Internet service, paging, voice, data and video communications equipment, and computer networking services. |
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