Vodafone Greece buys CYTA Telecom for €118 mn

Vodafone Greece has completed the acquisition of CYTA Telecommunications Hellas, a provider of fixed and mobile telecommunication services in Greece, for a total enterprise value of €118 million.
CYTA Hellas owns a fibre optic network and offers mobile services through a Mobile Virtual Network Operator (MVNO) with Vodafone Greece. CYTA Hellas has around 300,000 fixed broadband customers with 8 percent market share and around 40,000 mobile customers in Greece.

The strategy of Vodafone Greece is to expand its fixed network and increase its customer base through this acquisition.