NEW YORK-Panafon, the largest cellular carrier in Greece, raised $2.42 billion Nov. 20 in a global public stock offering of 26.9 million shares.
Additionally, France Telecom Mobile International, the overseas arm of the French telecommunications company, said it will sell a 13-percent stake the Greek carrier and expects to earn between $2.12 billion and $2.45 billion. France Telecom will retain a 20-percent ownership of Panafon.
Assuming the Athens Stock Exchange consents to list Panafon’s stock, trading in its shares will begin there Dec. 2. The equity securities also will start trading then as Global Depository Shares on London’s SEAQ International stock exchange.
The holdings unit of Vodafone Group plc is the single-largest owner of Panafon, with a 45-percent equity stake. Intracom, a Greek telecommunications equipment maker, owns 10 percent of Panafon, as does Data Holdings, a Greek holding company.
Panafon, whose subscriber base has doubled to nearly 1 million during the last 12 months, has a 56-percent market share. Stet Hellas, its major competitor, has a 34-percent share of the market.
Since 1993, Panafon has operated one of two Global System for Mobile Communications 900 MHz cellular networks in Greece. It also has applied to obtain a license in the 1800 MHz band.
