Vodafone completes €118m takeover of CYTA Hellas
Vodafone has completed its acquisition of CYTA Hellas in a deal with a total worth of €118 million, boosting its fixed network in Greece.
Earlier this month, the Hellenic Telecommunications & Post Commission - Ethniki Epitropi Tilepikoinonion kai Tachydromeion (EETT) greenlit Vodafone Greece’s acquisition of Cyta Hellas – a telco with around 300,000 broadband and around 40,000 mobile customers.
The deal was announced by Vodafone Group in January of this year with Vodafone describing the deal as providing further scale and momentum to Vodafone’s fixed line and convergence strategy in Greece. Specifically expanding its fixed network, increasing its customer base and securing additional capabilities and expertise. The news follows Vodafone’s 2014 acquisition and integration of Hellas Online, the MVNO.
Vodafone beat out Greek telco Wind Hellas and its €100 million offer for Cyta Hellas with €117 million.
The decision was made on 28 June and will be made public in due course, and following approval from the Greek competition regulator in April and is due to close very soon.
Vodafone said: "Through this acquisition, Vodafone Greece will expand its fixed network, increase its customer base and secure additional capabilities and expertise for the benefit of its customers."
In related news Wind Hellas announced that it is deploying its own fibre-optic network, enhancing its existing retail and wholesale services in several areas throughout Greece as part of its €500 million plans. The company is now offering its end-user customers with ultra-fast internet services over its own deployed fibre-optic network in Greece, which is part of the Wind Hellas’ five-year investment plan for next-generation access (NGA) networks, expected to reach a total of €500 million in infrastructure investments.