31st Jul 2009 16:14
31 July 2009
VODAFONE GREECE AND HELLAS ONLINE FORM STRATEGIC PARTNERSHIP
Further to the announcement on 13 May 2009, Vodafone Group announces that Vodafone-Panafon Hellenic Telecommunications Company S.A. ("Vodafone Greece") has entered into a strategic partnership with DSL provider, Hellas Online Electronic Communications S.A. ("HOL"). Vodafone Greece will acquire an 18.5% equity interest in HOL and in exchange Vodafone Greece will contribute its existing fixed line DSL assets into HOL's business. Vodafone Greece and HOL will jointly market Vodafone's mobile products and services and HOL's fixed line DSL and telephony services on an exclusive basis.
HOL is one of the leading DSL providers in Greece and had 215,000 customers at 30 June 2009, giving it a market share of approximately 26%. HOL also has the largest fibre optic network in Greece, amongst alternative providers, spanning more than 4,000 km and covering around 75% of the population. HOL is listed on the Athens Stock Exchange with a market capitalisation on 31 July 2009 of €251m.
Due to regulatory approval and commercial implementation, the transaction is not expected to complete until the fourth quarter of Vodafone Greece's financial year.
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Vodafone Group
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