OTE agrees to buy Zapp Romania for $292.5Mn

www.WirelessFederation.com/news: OTE, the Balkans mobile operator has sought to purchase Zapp, the Romanian mobile operator for a price of 207 million euros ($292.5 million) to gain a 3G service in the region’s largest mobile phone market.
“The price … is expected to reach 61 million euros (equity value) while Cosmote will assume debt and other obligations worth about 146 million euros,” OTE unit Cosmote said in a statement.
OTE anticipates that its Romanian mobile operations to boost revenues as business in its other markets slows down due to economic crisis.
“With the deal signed today, a new cycle of growth … begins for Cosmote Romania,” said Cosmote Romania’s chief executive Michael Tsamaz.
The deal is subjected to regulatory approval.