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Hellas On Line to remain Intracom owned July 6, 2007

Posted by grhomeboy in Internet & Web, Telecoms.

Russian Comstar UTS drops plans to buy 51 percent stake in Hellas On Line from Greek Intracom

Moscow-based fixed-line communications services group Comstar United TeleSystems JSC said it discontinued the proposed acquisition of a 51 percent stake in Hellas On Line SA from Intracom Holdings Group as it did not receive the required approval from Greek authorities by June 30, 2007.

On December 4, 2006, Comstar UTS said it agreed with Intracom Holdings to buy a 51 percent stake in internet service provider in Greece Hellas On Line, for 47.9 million euros to develop broadband services in the Greek market.

The deal was subject to all the legal approvals to be received from the authorities of Russia and Greece.

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