Vodafone-Panafon Hellenic Telecommunications Company S.A. agreed to acquire another 72.7% stake in hellas online S.A. (ATSE:HOL) from Intracom Holdings SA (ATSE:INTRK) and World Equities Investments Holdings S.A. for €72.7 million in cash on August 22, 2014. Vodafone will finance the transaction from its existing cash resources and committed but undrawn bank facilities. Following the completion of the transaction, Vodafone would own 91.2% of hellas and be under an obligation to extend a mandatory takeover offer for the remaining shares in hellas.

The transaction is subject to a number of conditions, including antitrust clearance by the relevant competent authorities and is expected to complete in calendar fourth quarter of 2014. As of September 19, 2014, Intracom Holdings approved the deal. As of September 25, 2014, Greek regulator EETT has approved the acquisition. Peter Golob and Ian Ferguson of Bank of America Merrill Lynch International Limited acted as financial advisors to Vodafone in connection with the transaction. Nikolaos Katsaros of Papapolitis & Papapolitis acted as legal advisor to Intracom Holdings. Ernst & Young LLP acted as due diligence advisor for Vodafone Group PLC.