4iG Enters Telecom With Digi Buy After Orban Government Windfall

4iG Nyrt., the Hungarian IT group that’s expanding into telecommunication and satellites, has agreed to buy Romania-based DigiCommunications N.V’s Hungarian operation for 625 million euros ($708 million).

The deal, which may close in January after regulatory approval, will make 4iG one of the biggest telecom operators in Hungary, according to a company statement published on Tuesday. Deutsche Telekom AG’s Magyar Telekom Nyrt., Czech PPF Group’s Telenor and the local unit of the U.K.’s Vodafone Plc are the biggest investors.

4iG’s market value has grown almost 25-fold after Gellert Jaszai, an ally of Premier Viktor Orban, ...