Citigroup, PwC to advise on Cyta privatisation

20 Jan 2015

Citigroup has been chosen ahead of other financial heavyweights including UBS, JP Morgan, Merril Lynch, HSBC, Nomura and Barclays Capital to advise the Republic of Cyprus on the upcoming privatisation of national telco Cyprus Telecommunications Authority (Cyta), the country’s Financial Mirror newspaper reports. Global audit firm PricewaterhouseCoopers (PwC) has also been hired to conduct due diligence on the telco, and will advise Citigroup which in turn is responsible for selecting a shortlist of potential buyers by the end of 2015, which is the rough target date for selling the fixed and mobile telecoms operator. The government is also expected to hire two more consultants, a legal advisor and a technical advisor. As recently reported by TeleGeography’s CommsUpdate, German consultancy Detecon International, partly owned by Deutsche Telekom, has been chosen to guide Cyta’s organisational restructuring prior to its privatisation.

Cyprus, Cyprus Telecommunications Authority (Cyta), Cytamobile-Vodafone