News
Sale of Cypriot telco’s Greek arm to reportedly be carried out independently of parent company’s privatisation.
Cyta Hellas, the Greek arm of Cypriot incumbent Cyta, has been put on sale, it emerged last week.
In a local-language statement, the operator said that economic uncertainty in Greece poses major challenges for all telcos there.
"Against this background and taking into account international developments…it was decided to separate the procedures of Cyta Greece from the rest of Cyta Group, in order to open up the prospect for strategic choices with potential investor partners," the company said.
Cyta Hellas offers fixed telephony and broadband, as well as TV services. It also offers MVNO services via Vodafone’s network. It serves approximately 300,000 customers.
According to a Cyprus Mail report, which cited the Cyprus government gazette, the sale of Cyta Greece will be carried out independently from the privatisation of Cyta, which is expected to take place next year.
The report said Cyta Hellas had an equity value of €149.9 million at the end of 2015.
Rumours that Cyta intended to offload its Greek arm began circulating earlier this year.
At the time, Cyta denied it planned to sell the subsidiary, insisting it was working on a five-year business plan for the operator.
