Vodafone confirms Wind Hellas takeover approach

30 Aug 2011

Vodafone Greece has confirmed that it has entered talks with smaller mobile rival Wind Hellas’ holding company Largo on a potential merger. Largo is owned by Wind’s former creditors including Mount Kellett Capital, Taconic Capital Advisers, Providence Equity Capital, Anchorage Capital Group, Angelo Gordon and Eton Park International. The UK-backed cellco stated that it is at an early stage of ‘exploring a potential business combination’ with Wind Hellas, but added that ‘media reports that Vodafone Group is in discussions to buy Wind Hellas for cash are incorrect.’ Any merger deal would be subject to approval by the European Commission, as it would create a player with over 50% of the Greek mobile market, jumping ahead of Cosmote. Wind Hellas is also a well-established fixed line and broadband provider largely based on local loop unbundling, a segment in which Vodafone Greece has been raising its profile via a tie-up with Hellas Online (HOL).

Greece, Vodafone Greece (incl. Hellas Online), Wind Hellas (incl. Tellas)