ECONOMY

On Telecoms to merge with rival Vivodi

Consolidation is continuing in the Greek telecommunications industry, as alternative supplier On Telecoms announced yesterday its merger with rival company Vivodi. On Telecoms, one of the major players in the local market after OTE, stated it had signed an agreement to acquire 100 percent of Vivodi’s outstanding shares with cash. It added that Vivodi, one of the smaller firms in the industry, will continue to operate as a subsidiary of On Telecoms, driving the group’s development outside Attica, starting immediately in Thessaloniki. On Telecoms will proceed with a capital increase of 50 million euros, all of which will be bought by the owners of Vivodi, the Efraimoglou family, which will then own 20 percent of the new entity.