Russia's largest multi-service communications operator in Moscow and the Moscow Region, which operates in several Russian regions and former Soviet republics, signed an agreement with Greece's Intracom Holdings on purchasing 51% of shares in HOL, Comstar UTS said.
Eric Franke, chief executive of Comstar UTS, said: "We are very pleased to announce this deal and have high hopes for this project, taking into account the benefits of the partnership with such a strong regional player as Intracom Holdings, and the positive conditions on the Greek market. Due to the similarity of HOL's business model to our own, we are planning to integrate HOL into Comstar-UTS's structure and rebrand its services and product offerings to increase its operating efficiency."
The parties to the deal expect to receive approval from Greek regulatory authorities in the first half of 2007, the Russian company said.
Founded in 1993, Hellas on Line is the first Internet service provider in Greece, and has been a member of the Intracom Holdings Group since January 2006. HoL is one of the largest alternative fixed-line operators in Greece and the third largest broadband provider, with a market share of around 12%. HOL provides ADSL and dial-up services to consumers, as well as VOIP, VPN and hosting services to corporate clients, Comstar UTS said.
