Two bidders competing for Cyta Hellas

21 Dec 2017

Reports from Greece suggest that local telcos Wind Hellas and Vodafone are still in the race to acquire smaller rival Cyta Hellas which has been put up for sale by its Cypriot parent company. Kathimerini writes that a third interested party – PCCW of Hong Kong – appears not to have submitted a bid, with Wind now the favourite to acquire Cyta’s Greek business. Launched in 2007, Cyta Hellas has soaked up investment of around EUR160 million (USD188 million) without ever turning a profit.