Monday Jan 26, 2015 Search
Weather | Athens
17o C
10o 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)  
Talks with troika the main test
Fiscal gap from revenues at 2.3 bln euros
Liquidity noose tightening around local lenders’ necks
Banks make plans for tackling impact of Swiss franc’s growth on borrowers
SYRIZA heads for historic victory but without majority
SYRIZA was on the verge of a historic election victory on Sunday night but one that might not hand the leftist party an outright parliamentary majority, raising doubts about whether a govern...
Prison probes violent attack against N17 convict Xeros
Authorities at Domokos Prison in central Greece were investigating over the weekend an attack by an inmate on November 17 terrorist Christodoulos Xeros. According to Xeros’s lawyer, Fragisko...
Inside News
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
FOCUS
A SYRIZA government in Greece: what it wants and what might be possible
The left-wing SYRIZA party led by Alexis Tsipras looks likely to win the Greek general election on Sunday after campaigning on a pledge to renegotiate the country’s international bailout and...
COMMENTARY
The train
If we go by the polls, SYRIZA is set to win Sunday’s election and form a government. New Democracy did not really campaign, or perhaps it did so in a way that can only be explained if the pa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. SYRIZA heads for historic victory but without majority
2. Prison probes violent attack against N17 convict Xeros
3. Talks with troika the main test
4. Fiscal gap from revenues at 2.3 bln euros
5. Liquidity noose tightening around local lenders’ necks
6. Banks make plans for tackling impact of Swiss franc’s growth on borrowers
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015 | LIVE
3. Greek Elections 2015 Results | LIVE
4. Greeks vote for reform path or defiance
5. A SYRIZA government in Greece: what it wants and what might be possible
6. Exit polls suggest big margin of victory for SYRIZA
Today
This Week
1. Greek Elections 2015 | LIVE
2. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
3. Greek Elections 2015 | LIVE
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greeks fork out nearly 5 pct of their incomes on telecom services
6. QE exclusion a ‘de facto Grexit’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.