The CEO of UK-based mobile operator Vodafone reportedly believes its Greek subsidiary may not be viable in the long-term unless regulators approval a potential merger with Greek rival Wind Hellas.
Speaking at a conference in Barcelona last week,…
The CEO of UK-based mobile operator Vodafone reportedly believes its Greek subsidiary may not be viable in the long-term unless regulators approval a potential merger with Greek rival Wind Hellas.
Speaking at a conference in Barcelona last week, Vittorio Colao said that through Greek consolidation it is possible to have a positive investment case in the cash-strapped country, reported Bloomberg.
It is understood that Vodafone hired BoA Merrill Lynch earlier this year to explore a possible merger with Wind Hellas owners Largo Limited. However, because of the regulatory complexities involved in combining Greece’s number two and three mobile firms, they reportedly do not expect to submit such a plan to regulators until December.
On 14 November, Greek regulator EETT announced it had raised a total €380.535m (US$519m) from its sale of frequencies in the 900MHz and 1800MHz bands, despite the country’s ongoing debt crisis.
Vodafone, Wind Hellas and incumbent OTE all picked up a share of the available spectrum, with the total proceeds surpassing the Greek government’s initial estimates.
