Vodafone Group has completed the acquisition of Greek telco CYTA Telecommunications Hellas for €118 million. CYTA Hellas provides fixed and mobile services to customers in Greece, boasting 300,000 fixed line and 40,000 mobile customers – giving it an approximate 8 per cent market share. The company also owns and operates a fibre optic next generation network, which reaches far across the Greek mainland.
The acquisition will allow Vodafone Group to expand its fixed network footprint in Greece while growing its customer base in the region.
The move is in line with Vodafone’s pan-European strategy which sees it seeking out new opportunities to provide converged services across the continent. The acquisition was first mooted in January 2018.
“The acquisition provides further scale and momentum to Vodafone’s 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,” said Vodafone in a statement to the press. – Total Telecom