Vodafone Greece confirms €118 million Cyta acquisition

By:
Natalie Bannerman
Published on:

Vodafone Greece has confirmed that it is to buy Cyta Hellas, the provider of fixed and mobile telecommunication services in Greece

Cyta Hellas, the Greek unit of Cyprus Telecommunications Authority, is to be acquired by Vodafone Greece in a deal worth €118 million.

The deal which is subject to a number of conditions, including antitrust clearance by the relevant competent authorities, will help Vodafone scale its fixed line and convergence strategy in Greece. It also builds on Vodafone 2014 acquisition and integration of Hellas Online.

Cyta owns and operates a next-generation fibre optic network and offers mobile services through a Mobile virtual network operator (MVNO) with Vodafone Greece. Cyta currently has approximately 300,000 fixed broadband customers, amounting to an 8% share of the market) and around 40,000 mobile customers.

Through this acquisition, Vodafone Greece says it will be able to expand its fixed network, increase its customer base and secure additional capabilities and expertise for its customers.

In related news, Michel Demaré, the former chairman of the board at Syngenta, has been named as a non-executive director for the Vodafone Group, effective as of 1 February 2018.

Michel Demaré 300 x 300Prior to his time as chairman at Syngenta, Demare started in career at the Continental Illinois National Bank of Chicago, before spending 18 years with Dow Chemical in several finance roles.

He was then CFO Europe of Baxter International from 2002 to 2005, before moving to become chief financial officer at ABB (ASEA Brown Boveri) the Swedish-Swiss multi-national technology company.

Demaré currently hold several positions in addition to his appointment at Vodafone, he is the independent vice chairman at UBS, having joined the board in 2009, a board member for Louis Dreyfus Company Holdings BV, the vice-chairman of the Supervisory Board of the IMD Business School in Lausanne, and an advisory board member of the department of banking and finance at the University of Zurich.

Commenting on his appointment, Gerard Kleisterlee, Vodafone Group chairman, said: “I’m delighted that Michel has agreed to join the Vodafone board. He brings a wealth of international business experience and we’re looking forward to working with him.”