Cell network merger on track

The deal between the second- and the third-largest cell networks in Greece, Vodafone and Wind, is about to be sealed and announced in the coming days, according to sources.

Kathimerini understands that Vodafone-Panafon and Wind Hellas are upping the pace in order to have their merger agreement completed by February 9, when the Vodafone Group is set to issue its financial figures for the quarter that ended on December 31.

Sources suggest that the deal will be conducted through a share swap and without any cash payments, in a 60-40 ratio in Vodafone’s favor. Consequently the new company to emerge, set to rival market-leading Cosmote, will be controlled by 60 percent by the Vodafone Group, which owns 100 percent of Greek company Vodafone-Panafon, and the rest will be in the Wind Hellas shareholders’ control.

A reliable source has told Kathimerini that the agreement, which will be pending approval by the competition authorities of the European Union, provides for a specific exit strategy for the shareholders of Wind Hellas from the new company.

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