Vodafone acquires Greek broadband provider

hellas onlineVodafone Group has acquired a majority stake in Greek broadband service provider Hellas Online for €72.7 million.

Vodafone is acquiring a 72.7% stake in the operator from Intracom Group and World Equities Investments Holdings, adding to its existing 18.4% shareholding and taking its overall stake to 91.2%.

Vodafone expects the deal to close in the fourth quarter. Completion will oblige it to make a mandatory takeover offer for Hellas Online’s remaining shares.

Hellas Online had just over half a million customers in the country at the end of last year, representing a market share of about 11%. The group posted 2013 full-year revenues of about €220 million.

Vodafone said the combination of Hellas Online and its existing Greek operation would create the number two operator in the country in both fixed and mobile sectors by revenue.