TELECOMS: Loss-making Cyta Hellas sold to Vodafone for €118 mln

State-owned telco Cyta said that it has agreed to sell its loss-making subsidiary in Greece, Cyta Hellas, to rival Vodafone for EUR 118 mln.

This follows last week’s announcement that Vodafone’s Greek operations, Vodafone-Panafon Hellenic Communications S.A. had emerged as the preferred bidder after the Cyprus company appointed PwC Greece and law firms Bernitsas of Greece and Georghiades-Pelides of Cyprus to advise with the sale.

Vodafone plans to use its acquisition to boost its fixed line network in Greece, acquiring a network of 43,000 mobile subscribers and about 300,000 fixed-line customers, or a 8% market share.

Earlier, it was reported that Cyta invested a total of EUR 194.5 mln in CytaHellas via its subsidiary DigiMed, having generated a loss of 165.3 mln from 2007 to 2016, according to the auditor general.

The other bidder for CytaHellas was Greece’s Wind Hellas.