News
Would-be bidders have unti l27 September to register expressions of interest in Greek broadband operator
Cyprus Telecommunications Authority (Cyta) this week began the process of offloading its operations in Greece, giving would-be buyers two weeks to register their interest in the sale.
The telco plans to sell off the entirety of Cyta Hellas, which offers fixed broadband, TV and MVNO services in Greece.
Interested parties have until 5pm local time on 27 September to submit documents expressing interest in the sale.
Cyta will then rule on which applicants it will approve as qualified bidders, before moving into the binding offers phase of the process. Prospective buyers will then have the opportunity to conduct due diligence on Cyta Hellas and will be provided with further details on submitting an offer.
Having previously denied that it was planning a Greek exit, Cyta admitted that it was open to selling Cyta Hellas late last year.
The decision was in no small part driven by the economic uncertainty that has impacted on all telecoms operators in Greece, it said at the time.
Given the conditions in the market, it seems unlikely that a newcomer would seek to snap up the assets. However, the business could prove appealing to Greece’s existing mobile operators.
Indeed, local news outlet Kathimerini named Wind Hellas and Vodafone as the two most obvious candidates.
It said Wind is showing the strongest interest in winning the tender.
