LONDON-Vodafone Group plc said it will acquire from Intracom S.A 51.25 million shares in Vodafone-Panafon Hellenic Telecommunications Co. S.A., representing 9.433 percent of the outstanding shares of the Greek operator. Vodafone will pay $7.37 per share in cash, for a total purchase price of $378 million. Vodafone will use existing cash resources for the acquisition.
As a result of the buy, Vodafone’s effective shareholding in Panafon will increase from 65.362 percent to 74.795 percent. The rest of the operator’s shares are publicly traded.
The transaction will be executed as a block trade in accordance with the rules and regulations of the Athens Exchange. Panafon and Intracom expect to continue their cooperation in the Greek market.
Vodafone said the acquisition is part of its stated strategy of selectively increasing its stakes in existing operations.
