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Possible Acquisition of Cyta Hellas by Wind

Possible Acquisition of Cyta Hellas by Wind

Two companies appear to remain interested in the sale of Cyta Hellas. Rival telecommunication service providers Vodafone and Wind Hellas have confirmed their participation in the tender for Cyta Hellas with the submission of binding offers.

According to ekathimerini.com, “the participation of the third interested party, China’s PCCW has not been confirmed, as Cyprus-based parent company Cyta has not revealed any details yet. Still, it appears likely that PCCW has stayed away.”

The official announcements were expected on December 20, following Cyta’s board meeting in Nicosia, with the favorite being Wind: The Greek mobile and landline network has the appropriate infrastructure to implement such a deal. Moreover, it is an unlikely coincidence that Wind Hellas on December 19 announced a 106.6-million-euro increase in its corporate bond borrowing.

A possible buyout of Cyta Hellas by Wind would be convenient for both sides: In a share-swap deal, Cyta might offer 100 percent of Cyta Hellas and obtain 15 percent of Wind’s shares, allowing Wind to avoid parting with cash.

Since it was founded in 2007, Cyta Hellas has been loss-making and has absorbed funds of over 160 million euros.

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