IT company 4iG Nyrt. ended talks with Magyar Telekom for its supposed acquisition of the latter's T-Systems Hungary unit.

Following the move, 4iG and Magyar Telekom agreed to cancel the nonbinding heads of terms for the deal. Neither party disclosed further details about terminating the negotiations.

However, the companies' recently concluded partnership agreements will remain unchanged and in effect.

4iG is reportedly looking at acquisitions to further expand its business across central Europe.

Magyar Telekom is a unit of Deutsche Telekom AG.