Vodafone Greece to Buy CYTA Hellas for EUR118 Million

By FeaturesDow Jones Newswires

Vodafone Group PLC (VOD) said Tuesday that its Greek subsidiary has agreed to buy internet and mobile service provider CYTA Telecommunications Hellas S.A. for a total enterprise value of 118 million euros ($144.5 million).

The London-headquartered company said that the acquisition will help Vodafone Greece expand its fixed-line network, increase its customer base and secure additional capabilities in the Greek market.

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CYTA Hellas has about 300,000 broadband customers--which is an about 8% market share--and about 40,000 mobile phone customers, Vodafone said.

Vodafone acquired internet provider Hellas Online in 2014, as part of its convergence strategy in the country.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

January 23, 2018 11:03 ET (16:03 GMT)

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