Cyta telecoms puts Greece subsidiary on the sale block

Wednesday, 13 September 2017 20:08
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Cyprus telecoms operator Cyta on Tuesday officially announced that it was fielding offers for its Greek subsidiary, either for outright purchases of the company or as part of a merger with current providers in Greece.

The Cypriot multinational cited a deadline of Sept. 27 for accepting non-binding expressions of interest.

Cyta was the previous telephony monopoly on the island republic, and is still wholly owned by the Cypriot state, although now operating in a deregulated market. The company retains a dominant position in the island republic's telecoms sector.

Cyta's Greece subsidiary began operation in 2008, accumulating a client base of 300,000 users even amid the unprecedented economic recession plaguing Greece - and Cyprus - since 2009.

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