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Vodafone to buy CYTA Hellas for EUR118m
Vodafone Greece has agreed to acquire CYTA Hellas, a provider of fixed and mobile telecommunications services in Greece, for a total enterprise value of 118m.
CYTA owns a fibre optic next generation network and offers mobile services through a mobile virtual network operator with Vodafone Greece. The business has around 300,000 fixed broadband customers - a market share of around 8% - and approximately 40,000 mobile customers.
Vodafone said the deal, which is subject to a number of conditions, provides further scale and momentum to its 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," it said.
At 1525 GMT, the shares were up 0.4% to 228.18p.