Sunday March 1, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Vodafone to buy 73 pct more of Hellas Online for 73 mln euros

Britains Vodafone has agreed to acquire a further 73 percent stake in Greeces 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 Vodafones 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 OTEs market leadership in Greece, Vodafone tried but failed in 2012 to merge with Greeces third-biggest operator, Wind Hellas. It has also submitted a joint bid with Wind for Greeces 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)  
Greece seeks negotiations on ECB bond repayment
Piraeus plans are coming in next few weeks
Slowdown in tourism bookings from Germany
Economy grew by 1.3 pct in Q4 of last year
Alleged accomplices of N17s Xeros caught in Athens
One man was arrested and another detained in Athens on Saturday in connection to the November 17 terrorist Christodoulos Xeros, who was recaptured in January after a year on the run. Accordi...
Hellas Gold and workers react to Greek govt decision on plan permit
Hellas Gold and its workers at the gold mine in Skouries, Halkidiki, have vowed to take legal action after the government announced on Friday that it would be recalling the permit for a proc...
Inside News
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
SOCCER
Ten-man Olympiakos couldnt overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Alleged accomplices of N17s Xeros caught in Athens
2. Hellas Gold and workers react to Greek govt decision on plan permit
3. Greek ministry says teacher hirings to continue via ASEP
4. Women conned elderly Cretans by posing as church representatives
5. Spain, Portugal sought to trip up govt, Tsipras says
6. Police nab Kavala man over homegrown cannabis
more news
Today
This Week
1. Greece seeks negotiations on ECB bond repayment
2. A unionist agenda
3. Spain, Portugal sought to trip up govt, Tsipras says
4. Hellas Gold and workers react to Greek gov't decision on plan permit
5. Greek ministry says teacher hirings to continue via ASEP
6. Women conned elderly Cretans by posing as church representatives
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. Greece says eurozone deal won time as cash bled from banks
4. The ignorance of the West about the culture of Islam
5. A fierce battle looms
6. Spain said to lead push to hold Greece to terms as Podemos grows
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.