IN BRIEF: Vodafone agrees to put Greece operations into joint venture
Vodafone Group PLC -Berkshire, England-based telecommunications provider - Agrees to form a 50-50 joint venture between Vodafone Panafon Hellenic Telecommunications Co SA and Athens-based Public Power Corp SA, comprising their respective fibre-to-the- home networks and wholesale fibres businesses in Greece. The proposed JV’s fibre businesses currently cover more than 1.6 million homes in Greece. Vodafone says the joint venture would intend to provide wholesale open access to internet service providers in Greece. Formation of the joint venture is subject to the completion of due diligence, agreement on binding transaction documentation and is subject to regulatory approval. There is no certainty at this stage that a transaction will be agreed, Vodafone says.
The latest move comes as Vodafone has taken steps to streamline its portfolio in recent years, with asset sales in the Netherlands, Spain and Italy amongst others, along with a reduction of its stake in Vantage Towers. At the same time, the UK company has beefed up its domestic operations, last month taking full control of VodafoneThree from partner CK Hutchison Group Telecom Holding Ltd to create the UK’s largest mobile operator.
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