Vodafone Ends Merger Talks With Greek Rival

New York Times
February 6, 2012

The British mobile phone operator Vodafone announced on Monday that it had ended talks with Largo, the parent company of Wind Hellas, about combining their operations in Greece.

Vodafone, the world’s largest mobile telecommunications operator by revenue, announced in August that it had entered discussions with Wind Hellas in an effort to rival Cosmote, the largest cellphone company in Greece.

The proposed merger would have combined Vodafone’s business, which is Greece’s second-largest mobile operator, with Wind Hellas, the country’s third-largest cellphone company.

The news comes after Vodafone announced a $710 million write-down on its Greek operations for the six months ended Sept. 30 and took a $1.2 billion impairment charge for the 12 months ended March 31.

The deal would also have provided potential investment for Wind Hellas, which is owned by its creditors after the company was unable to make interest payments on a $1.5 billion outstanding debt.

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