Thursday October 23, 2014 Search
Weather | Athens
24o C
14o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Vodafone to buy 73 pct more of Hellas Online for 73 mln euros

Britain’s Vodafone has agreed to acquire a further 73 percent stake in Greece’s broadband and fixed-line telephony provider Hellas Online for 73 million euros, to help it better compete in the highly competitive market.

Vodafone, which bought an 18.5 percent stake in the company in 2009, said Friday the purchase would help it to offer more services to its customers in Greece and better compete with the market leader, OTE.

The company is expanding its broadband offers across Europe as Chief Executive Officer Vittorio Colao bets on the popularity of bundled mobile and fixed services. The deal builds up Vodafone’s struggling Southern Europe business, where service revenue dropped 26 percent in the last fiscal year ending in March.

Vodafone bought the shares from Intracom Group and World Equities Investments Holdings SA. The deal gives Hellas Online an equity value of 311 million euros, including debt, Vodafone said. Regulators still have to approve the deal.

Vodafone has gone after similar companies in Germany and Spain and has committed to spending 19 billion pounds improving its network in the next two years.

The combination with its Greek unit will make it the second-largest integrated phone company in Greece by revenue. Hellas Online had about 519,000 customers at the end of last year, representing a market share of around 11 percent, Vodafone said. The Greek company reported 224.2 million euros in revenue last year.

The transaction is expected to be completed in the fourth quarter of 2014, after which Vodafone Greece will own 91.2 percent of Hellas Online and be under an obligation to extend a mandatory takeover offer for the remaining shares.

In a bid to challenge OTE’s market leadership in Greece, Vodafone tried but failed in 2012 to merge with Greece’s third-biggest operator, Wind Hellas. It has also submitted a joint bid with Wind for Greece’s biggest subscription TV provider Forthnet.

Hellenic Telecommunications Organization SA (OTE), whose two largest shareholders are Deutsche Telekom AG and the Greek government, is the largest phone company in the country and reported 4.05 billion euros in sales last year.

Vodafone forecasts an annual run rate of 24 million euros in cost and capital spending savings, the Newbury, England-based company said in the statement. [Combined reports]

ekathimerini.com , Friday August 22, 2014 (22:11)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.