ECONOMY

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.