Vodafone acquires Greek telco CYTA Hellas for €118mn

By Jason Harris

The Vodafone Group has announced that it has agreed to acquire Greek Telecommunications company CYTA Telecommunications Hellas SA in a deal valued at €118mn.

CYTA provides telecommunications services across Greece to approximately 300,000 fixed broadband customers, estimated to be 8% of the country’s total market, and around 40,000 mobile customers.

See also:

The announcement brings any speculation surrounding the deal to an end after Vodafone first announced its intentions in January of this year, stating that a deal would further its own strategy in Greece.

“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,” the company said in its latest statement.

Further, Vodafone trumped rival Greek telco Wind Hellas’ own offer of €100mn for the telco, with CYTA Hellas favouring Vodafone’s higher offer.

Wind Hellas recently announced that it would launch its own fibre-optic network across Greece, enhancing its existing services as part of a €500mn initiative.

Share

Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital