Vodafone Group agreed to acquire Greek telecoms operator Cyta Hellas in a deal worth €118 million, bolstering its convergence strategy in the country.
In a statement issued by its Vodafone Greece subsidiary, the operator said the deal provides “further scale and momentum” to its fixed-line and convergence offering, building on an acquisition of fixed line and internet service provider Hellas Online in 2014. The purchase price is only slightly lower than the €120 million bid Vodafone originally prepared.
Cyta Hellas, the Greek unit of Cyprus Telecommunications Authority, offers mobile services as an MVNO to 40,000 customers under an existing partnership with Vodafone Greece. Cyta Hellas also delivers fixed broadband services to around 300,000 subscribers, with a market share of around 8 per cent, Vodafone added in a brief statement.
Greek press reports reiterated Vodafone beat off competition from rival Wind to win the tender to acquire Cyta Hellas. The deal is still subject to a number of conditions, including antitrust clearance by the relevant authorities.
GSMA Intelligence figures placed Vodafone as the second leading operator in Greece by connections, with an estimated 5.8 million as of Q1 2017 compared with 8 million for market leader Cosmote.