Vodafone Group today announced that Vodafone-Panafon Hellenic Telecommunications Company (Vodafone Greece) has completed the acquisition of CYTA Telecommunications Hellas (CYTA Hellas) for a total enterprise value of €118 million.
CYTA Hellas is a provider of fixed and mobile telecommunication services in Greece. It owns a fibre optic Next Generation Network and offers mobile services through a Mobile Virtual Network Operator with Vodafone Greece. CYTA Hellas has around 300,000 fixed broadband customers (8% market share) and around 40,000 mobile customers.
Through this acquisition, Vodafone Greece will expand its fixed network, increase its customer base and secure additional capabilities and expertise for the benefit of its customers.