Cyprus operator Cyta announced that Vodafone won the auction to acquire 100 percent of its Greek subsidiary, Cyta Hellas. Vodafone confirmed an agreement to buy the company for an enterprise value of EUR 118 million. The takeover still needs the approval of Greek regulator EETT.
Cyta decided last year to sell the loss-making Greek operation in order to focus on its home market. For Vodafone, the takeover will strengthen both its fixed and mobile business in Greece. Cyta Hellas offers fixed voice, broadband and IPTV services and in 2014 entered the mobile market, through a MVNO deal with Vodafone. The company has around 300,000 fixed broadband customers and 40,000 mobile customers. It also gives Vodafone significant fibre network assets in Greece.
The deal is expected to be signed before the presidential elections in Cyprus, scheduled for 28 January, according to local paper Ekathimerini.com. Vodafone beat rival Wind for the takeover, after the later offered around EUR 100 million, the paper said.
