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Vodafone looking for a new Project

4 Aug 2003

Vodafone Group is preparing to buy struggling mobile virtual network provider Project Telecom, according to local press reports. The ailing telco, which buys airtime from major mobile networks and sells phone packages under its own brand, has suffered from intense price competition from the mobile operators themselves. It has around 185,000 customers but recently issued a profits warning that saw its share price halved. Last month Project Telecom admitted that it had received a number of preliminary approaches which could lead to an offer; Vodafone outgoing CEO Christopher Gent last week admitted that the Group was one of those interested. Vodafone’s offer is thought to be around GBP150 million.

On Friday Vodafone completed the takeover of Vodafone Malta, purchasing the remaining 20% of the operator that it did not already own. Vodafone acquired the final stake from Maltacom for EUR30 million in cash.


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