Cosmote buys Zapp in Romania

Leading mobile phone operator Cosmote confirmed yesterday it has signed an agreement to buy out Romanian cellphone network Telemobil SA, known as Zapp. The 61-million-euro deal will give the OTE subsidiary the market share of the Balkan country’s fourth-largest operator and a 3G operating license. Cosmote Romania does not have a third-generation network license at the moment. The Greek-owned telecommunications company will also assume the loan and obligations of the Romanian network that amount to 146 million euros, Cosmote said in a statement issued yesterday. Zapp, the longest-established cell operator in Romania, has over 374,000 subscribers and its revenues last year reached 61 million euros. «With this agreement we are opening a new cycle of growth and expansion of our clientele as the network is acquiring a 3G license and infrastructure in one of the most competitive markets in Europe,» said Cosmote’s Chief Executive Officer Michalis Tsamaz.