Cosmote announces that the transfer of 100% of Telemobil SA's (Zapp) shares held by Saudi Oger was completed following the approval of relevant Authorities.
Cosmote CEO, Mr. Michael Tsamaz, stated: "The completion of the deal for the acquisition of Zapp marks a very important milestone for Cosmote Group and its subsidiary in Romania, further enhancing its market dynamics. There is a lot of work to be done in order to ensure that the integration process that follows will lead to an even stronger operator to the benefit of consumers and the country's economy, enhancing real competition in the market."
The acquisition of Zapp is an important investment for Cosmote Group and is expected to enhance Cosmote Romania's growth prospects, enabling the company to offer new mobile broadband services through the 3G license it acquires with Zapp, expand its customer base and make further inroads in the particularly promising corporate market segment.
Cosmote Romania is the fastest growing mobile operator in the country, with more than 6,3 m. subscribers and a market share of 23% (June 2009) in less than four years of operation.