Vodafone today announces that Vodafone-Panafon Hellenic Telecommunications Company S.A. (“Vodafone Greece”) has agreed to acquire CYTA Telecommunications Hellas S.A. (“CYTA Hellas”) for a total enterprise value of €118 million.
CYTA Hellas is a provider of fixed and mobile telecommunication services in Greece. It owns a fibre optic Next Generation Network and offers mobile services through an MVNO with Vodafone Greece. CYTA Hellas has around 300,000 fixed broadband customers (c. 8% market share) and around 40,000 mobile customers.
The acquisition provides further scale and momentum to Vodafone’s fixed line and convergence strategy in Greece, building on the successful acquisition and integration of Hellas Online in 2014. 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 and Greek consumers in general.
The acquisition is subject to a number of conditions, including antitrust clearance by the relevant competent authorities.