It is a matter of 24 hours, according to information, the completion of the transaction that will lead Wind to the telecommunication group United Group and then to its merger with Nova.
Shortly before the change of time, the European Commission’s Directorate-General for Competition (DG Comp) approved the transaction, which is reportedly valued at around 950 million euros, including the price to be paid and Wind’s lending.
With the completion of the acquisition begins the big bet of the merger with Nova that will create the second largest “player” in number of subscribers in the fixed telephony market and the third largest in the mobile market with a small difference from the second Vodafone.
More specifically, the new company that will be created will have about 1.3 million customers in fixed telephony, of which about 650 thousand correspond to Wind and will surpass Vodafone in number of subscribers. As Nova is not a mobile provider, the new company will remain in third place in the market, but the goal is to increase subscribers through combined offers.
United Group sees significant potential synergies in the Wind-Nova scheme that could allow the sale of mobile contracts to Nova customers, but also lead to the expansion of Pay TV subscription base. It also sees significant margins for reducing the operating costs of the new company due to the economies of scale that will be created.
However, it will take a few months for the two companies to operate together, as departments will have to be merged and teams and executives determined. According to information, Nasos Zarkalis will not continue under the new ownership, although it is not ruled out that he will remain as temporary CEO of Wind for a few months. It is still expected that the single company will retain the name Nova.
But in addition to the battle of subscribers on mobile, fixed and pay-TV, the single company will be called to claim part of the major digital projects planned such as the digitization projects of the State, but also the program of “smart cities” for implementation actions in the municipalities of the country.
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Source From: Capital
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