Cypriot operator Cyta announced the completion of the second phase of the tender for the sale of its debt-ridden Greek unit Cyta Hellas with the submission of binding financial offers from Vodafone Greece and Wind Hellas. The participation of the third interested party, PCCW was not confirmed. The company said an evaluation process will now be held with the help of external consultants.
Cyta called in mid-September for interested bidders in its Greek unit Cyta Hellas. The favorite to buy the company is Wind, according to local publication Ekathimerini, as Wind has its own mobile and landline networks to help grow the business. Also, Wind Hellas' recently announced EUR 106.6 million increase in its corporate bond borrowing could be related to the future acquisition. If a share-swap deal is reached, Cyta might get 15 percent of Wind’s shares in return for offering 100 percent of Cyta Hellas, allowing Wind to avoid parting with cash, the paper said.
