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Completed on Tuesday, July 10, 2018, the acquisition of CYTA Hellas by Vodafone Greece, which strengthens its customer base with approximately 300,000 customers on a fixed market share of approximately 8% and approximately 40,000 on the mobile with the latest public data available. An important element for the strategic choice of Vodafone Greece to invest in the acquisition of the former Greek branch of the Cyprus semi-Cypriot telecommunications company was also the proprietary fiber optic network. The commercial value of the company amounts to 118 million euros.
5,500 km of the new generation fiber optic network CYTA Hellas, which is a link to the broadband networks on the Balkans – Middle East axis, is added to the Vodafone network. In addition, the advantages of the company were the composition of the customer, especially in the network of Crete, where more than 100 hotel units, 4 and 5 stars are related to the fiber in the building . It also provides mobile services as a Mobile Virtual Network Operator (MVNO) via the Vodafone Greece network.
As stated in the relevant announcement, " through this acquisition, Vodafone continues its strategic investments in Greece.With an extensive network and a customer base, Vodafone will enhance its innovative communications and entertainment services to its customers, with even more options . "
The President and CEO of Vodafone Greece, Harris Brumidis stated:" L & # 39; Acquisition of Cyta Hellas will enhance Vodafone Greece through the combination of talent and experience of Vodafone as much as Cyta Hellas.By focusing on our people, we exploit new opportunities for knowledge and innovation and drive Greece to realize the vision of a Gigabit company . "
At the final stage of 100% ownership in 100% of the company in September 2017, the agreement had to be approved by Commission na Telecommunications and Posts (EETT), which has just given the go-ahead a few days ago.
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