Vodafone beat out competitor Wind, and hence the Telecommunications Authority of Cyprus will sell 100 percent of its subsidiary in Greece, Cyta Hellas, to the company Vodafone-Panafon Hellenic Telecommunications S.A.
The reported price is 120 million euros, which includes the internal borrowing that the Telecommunications Authority of Cyprus provided to Cyta, payment of procurers, and equity.
Cyta Hellas has about 300,000 subscribers in Greece.
PricewaterhouseCoopers Business Solutions S.A., in Greece, acted as financial advisors.
The firm Bernitsas Law in Greece and the Georgiadis and Pelidis LLC law firm in Cyprus acted as legal advisors for the sellers in the transaction.
The official announcement states:
“The Telecommunications Authority of Cyprus announces that the Boards of the Telecommunications Authority of Cyprus, and of its subsidiary Digimed Communications LTD (seller), in the framework of an international tender that it proclaimed, declared on 18/1/2018, the company Vodafone-Panafon Hellenic Telecommunications S.A. as the preferred bidder for the purchase of the entirety of the stocks, of the company CYTA Hellas Telecommunications S.A.”