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Vodafone Wins Tender for Acquisition of Cyta Hellas

Vodafone Wins Tender for Acquisition of Cyta Hellas

Vodafone has won the tender for the acquistion of a 100% stake in Cyta Hellas, the Greek telco owned by the Cyprus Telecommunications Authority.

A contract for the transaction could be signed as soon as Sunday, January 28, the date of the presidential elections in Cyprus, Broadband TV News reports.

It adds that sources indicate Vodafone bid €117 million for the telco, beating the offer of around €100 million submitted by Wind Hellas. China’s PCCW, another interested party, did not submit a bid in the end.

The Cyprus Telecommunications Authority will exit the Greek market with losses, having invested over €200 million in Cyta Hellas over the last 10 years.

Meanwhile, Vodafone will strengthen its position in the fixed-line sector in Greece, increasing its subscriber total from under 750,000 to close to one million.

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