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GMT Communications Partners and Mid Europa Partners announce completion of sale of Hungary’s Invitel for €470 million | April 2007

Budapest, 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.

For further information please contact:

For GMT:
Tim Green +44 (0)20 7292 9340

About Mid Europa Partners:
Mid Europa Partners is the largest private equity firm investing in Central and Eastern Europe. Operating from London, Budapest and Warsaw, Mid Europa Partners advises and manages funds with committed capital in excess of €1.1 billion. The Mid Europa Partners team has been investing in Central and Eastern Europe since 1999.

For additional information on Mid Europa Partners please visit:

About GMT Communications Partners:
GMT Communications Partners is a European independent private equity group focused exclusively on the communications sector, having actively invested in the European marketplace for the past decade. Since 1992, GMT has completed 25 investments across 17 countries and has managed a series of successful funds comprising €700 million of capital.

GMT Communications Partners III LLP is authorised and regulated by the Financial Services Authority.