The Cyprus Privatisation Unit (CPU) has reportedly chosen Citigroup to conduct the privatisation of incumbent telco Cyta.
Citigroup beat rival banks including UBS, JP Morgan, Merrill Lynch, HSBC, Nomura and Barclays Capital to the mandate, the Cyprus…
The Cyprus Privatisation Unit (CPU) has reportedly chosen Citigroup to conduct the privatisation of incumbent telco Cyta.
Citigroup beat rival banks including UBS, JP Morgan, Merrill Lynch, HSBC, Nomura and Barclays Capital to the mandate, the Cyprus News Agency reported citing unidentified sources.
PwC, as auditor, will carry out due diligence, while a legal adviser and technical consultant are expected to be appointed shortly, the report stated.
The Cypriot government plans to spin off Cyta by the end of the year – one of several privatisations planned to ensure the country receives the next tranche of its €10bn bailout from the European Union.
The government reportedly intends to convert the telco to a private corporation with the state as the sole shareholder ahead of the sale. Some shares are expected to be offered to employees.
Cyta provides fixed and mobile telephone as well as internet services.
