PANAFON: Panafon to acquire majority stake in Ideal Telecom?s share capital
2/8/00 8:33:22 AM
FEB 8, 2000, M2 Communications - NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA OR JAPAN
Panafon Hellenic Telecommunications S.A., the leading provider of mobile telecommunication services in Greece, announces that it is in the final stages of discussions for the participation in the anticipated share restructuring of IDEAL TELECOM S.A.?s (?IDEAL TELECOM?) issued share capital, which will result in a 51% shareholding in IDEAL TELECOM, following the completion of all legal procedures.
IDEAL TELECOM, which is an affiliate of the IDEAL group of companies (?IDEAL Group?), is currently one of the fastest growing companies in the provision of premium quality integrated telecommunications services to a large number of companies, both in Greece and abroad.
The main shareholder of IDEAL Group is the LEVENTIS group of companies (?LEVENTIS Group?), an international group with operations in eight different sectors of domestic and international business life (telecommunications & information technology, transportation, tourism, shipping, retail distribution etc.). The LEVENTIS Group is actively present in more than 160 operations in 17 countries all over the world.
This important co-operation between PANAFON and IDEAL Group will enable the two groups to work closely together to further develop their activities in the area of Data Communications (connectivity for data transmission between corporate customers). IDEAL TELECOM, which is currently responsible for the implementation of all the telecommunications activities of the IDEAL and LEVENTIS Groups, will act as a Service Provider for PANAFON in the data communications market.
According to George Koronias, CEO of PANAFON Group ?With this venture, we join forces both in Greece and in other markets, with a very important group of companies that presents excellent synergies for both parties involved. For PANAFON, this new co-operation confirms the company?s dominant position in the telecoms market and also its initiative in leading all the new developments of the communications sector in the country?.
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