Vodafone has won the tender for the acquistion of a 100% stake in Cyta Hellas, the Greek telco owned by the Cyprus Telecommunications Authority.
According to Ekathimerini, a contract for the transaction could be signed as soon as next Sunday, January 28, the date of the presidential elections in Cyprus.
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.
