Greece’s National Telecommunications & Post Commission (EETT) has approved UK-backed Vodafone’s proposed takeover of Greek broadband provider Hellas Online (HOL) by acquiring a further 72.7% share capital to add to its existing 18.4% stake. In an announcement published on its website, the EETT concluded that the transaction will not restrict competition in the Greek telecommunications market. The acquisition means that mobile operator Vodafone Greece will have a total stake of 91.2% in HOL.
As reported by TeleGeography’s CommsUpdate last month, Vodafone agreed to acquire full control of HOL from Intracom Group and World Equities Investments Holdings for a total cash consideration of EUR72.7 million (USD95.9 million), while the transaction values the fully diluted equity of HOL at EUR100 million and is equivalent to an enterprise value of EUR311 million including HOL’s adjusted net debt of EUR211 million. The deal is expected to complete in 4Q14 whereupon it will trigger an obligation to extend a mandatory takeover offer for the remaining shares in HOL.