Epic Cyprus

Epic Cyprus is a telecommunications provider operating in the Republic of Cyprus. The business began commercial operations in July 2004 under the Areeba name after receiving the country's second mobile-telephony licence. It subsequently became part of the MTN Group and was rebranded MTN Cyprus in 2007. Following a change of ownership to Monaco Telecom, the company adopted the Epic brand in June 2019. The company was established primarily as a mobile-network operator, but expanded beyond mobile connectivity during the MTN period. In 2008, MTN Cyprus acquired Infotel, associated with the Germanos retail-store chain, and Otenet Cyprus, a fixed-telephony and internet provider. These transactions allowed the company to add fixed communications and internet services to its mobile portfolio. The company later broadened its consumer offering with subscription television through the launch of MTN TV in 2017. Epic's network development has followed the main technology transitions in Cyprus. It introduced the country's first 3G network in December 2004 and upgraded that network to HSPA, marketed as 3.5G, in March 2008. In March 2015, MTN Cyprus launched a 4G/LTE network, doing so alongside PrimeTel among the early 4G providers in Cyprus. The network was upgraded to LTE-Advanced, marketed as 4.5G, in November 2018. In May 2019, the operator announced wideband audio for calls between its subscribers, commonly described as HD voice. After Monaco Telecom acquired the entire share capital from MTN Group in 2018, the company continued using the MTN name temporarily under a transitional branding arrangement. Monaco Telecom completed the rebrand to Epic in June 2019. The new brand retained the operator's established mobile, fixed-line and broadband activities while placing the business within Monaco Telecom's international operating portfolio. Epic introduced Voice over LTE in December 2020, becoming the first mobile operator in Cyprus reported to have deployed the service. During the same month it secured a licence in the Cyprus government's 5G spectrum auction. Epic officially launched commercial 5G service on 9 July 2021. The operator is described in reference material as Cyprus's second-largest mobile network operator by subscribers, behind CYTA. In March 2021, data attributed to the Office of Electronic Communications & Postal Regulations indicated that Epic held 33.80% of the mobile market, while CYTA held 54.50%. The business therefore occupies a converged communications position rather than operating solely as a mobile brand. Its scope includes mobile voice and data, newer-generation mobile access, fixed telephony, broadband and television. Its ownership and branding have changed several times, but its core role as a national Cyprus communications operator has continued from the Areeba launch through the MTN era and into the Epic period.

Epic Cyprus traces its origins to the liberalisation and expansion of Cyprus's mobile telecommunications market in the early 2000s. The operator commenced service in July 2004 as Areeba after obtaining the country's second mobile-telephony licence. In December of that year it introduced a 3G network, giving Cyprus an early high-speed mobile-data service. In September 2007, Areeba was rebranded MTN Cyprus after its parent company, Investcom, was acquired by MTN Group. The operator continued to invest in mobile infrastructure, upgrading its 3G network to HSPA in March 2008. That upgrade was marketed as 3.5G and increased the network's data capability. The company broadened its business in 2008. MTN Group and Amaracos Holdings formed a partnership under which Amaracos acquired 49% of MTN Cyprus. MTN Cyprus also acquired Infotel Ltd, associated with the Germanos retail chain, and Otenet (Cyprus) Ltd, a provider of fixed telephony and internet services. These acquisitions gave the operator a retail presence and enabled it to compete in fixed communications and broadband as well as mobile services. In February 2013, MTN Group agreed to acquire Amaracos Holdings' share capital, returning MTN Cyprus to full ownership by MTN Group. Network development continued with the launch of 4G/LTE in March 2015. The launch placed MTN among the first operators in Cyprus to introduce fourth-generation mobile service, alongside PrimeTel. In May 2017, the company added subscription television through MTN TV, further extending its converged communications proposition. In November 2018, it upgraded 4G to LTE-Advanced, marketed as 4.5G. The following May it announced wideband audio for calls between subscribers, providing an HD-voice feature over its mobile network. A major ownership change was announced in September 2018, when Monaco Telecom agreed to purchase all of MTN Cyprus from MTN Group. The reported transaction value was €260 million. Monaco Telecom was permitted to retain the MTN brand temporarily for a three-year period in exchange for a commercial fee. In June 2019, the company completed the transition from MTN Cyprus to Epic. Under the Epic name, the operator continued its mobile and fixed communications activities while moving into newer network technologies. In December 2020 it deployed Voice over LTE on its 4G network and won a licence in Cyprus's 5G auction. Epic launched its 5G network commercially on 9 July 2021. Reference material identifies Epic as the second-largest mobile network operator in Cyprus by subscribers, behind CYTA. OCECPR figures cited for March 2021 assigned Epic a 33.80% mobile-market share, compared with 54.50% for CYTA. The company consequently represents a significant national communications provider, serving consumers through mobile voice and data, fixed telephony, broadband and television. Its history is marked by repeated brand and ownership transitions, but its operating identity has remained that of a Cyprus-based telecommunications network operator.

1. 2021Commercial 5G launch

   Epic officially launches its 5G network on 9 July.

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2. 2020VoLTE deployment and 5G licence

   Epic deploys VoLTE and wins a licence in the Cyprus 5G spectrum auction.

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3. 2019Epic brand introduced

   Monaco Telecom retires the MTN name in Cyprus and renames the company Epic in June.

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4. 2018Monaco Telecom acquisition announced

   Monaco Telecom agrees to acquire the full share capital of MTN Cyprus from MTN Group.

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5. 2018LTE-Advanced upgrade

   The 4G network is upgraded to LTE-Advanced, marketed as 4.5G.

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6. 2017MTN TV launches

   The operator adds subscription television to its service portfolio.

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7. 20154G/LTE launch

   MTN launches a 4G/LTE network in Cyprus, alongside PrimeTel among the country's early 4G providers.

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8. 2013MTN Group regains full ownership

   MTN Group agrees to acquire Amaracos Holdings' interest in MTN Cyprus.

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9. 2008HSPA upgrade and fixed-market expansion

   The mobile network is upgraded to HSPA, while acquisitions of Infotel and Otenet expand the business into retail, fixed telephony and internet services.

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10. 2007Areeba becomes MTN Cyprus

    The operator is rebranded after Investcom is acquired by MTN Group.

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11. 2004Areeba begins operations

    The company starts operating in Cyprus in July after receiving the country's second mobile-telephony licence.

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12. 2004First 3G network in Cyprus

    Areeba introduces a 3G network in December.

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A broad-based Cyprus telecommunications operator combining mobile, fixed-line, broadband and television services, with positioning built around network upgrades and nationwide consumer connectivity.

• Mobile telecommunicationsMobile services2004

  Epic's core business is mobile connectivity in Cyprus, including voice, messaging and mobile data. The network evolved from the company's 3G launch in 2004 through HSPA, 4G/LTE, LTE-Advanced and 5G. Mobile service remains the principal basis of the company's position as one of Cyprus's major network operators.

• Epic 5GMobile network2021

  Epic's fifth-generation mobile service followed the company's participation in Cyprus's 5G spectrum auction in December 2020. The network was officially launched on 9 July 2021, extending the operator's mobile proposition beyond earlier 4G and LTE-Advanced services.

• Fixed telephonyFixed communications2008

  Fixed-line telephony became part of the operator's portfolio following the acquisition of Otenet (Cyprus) Ltd in 2008. It complements Epic's mobile business and forms part of the company's broader converged communications offering.

• Broadband internetInternet access2008

  Epic entered the fixed internet market through the 2008 acquisition of Otenet (Cyprus) Ltd. Broadband services extend the brand from mobile access into fixed household and business connectivity.

• MTN TVSubscription television2017

  MTN TV was introduced in May 2017 as a subscription-based television service. It represented the operator's expansion into entertainment and bundled household communications during the period before the transition to the Epic brand.

• 2020Deploy VoLTEProduct launch

  The operator was modernising its 4G network and preparing for next-generation mobile service.

  What changed. Epic deployed Voice over LTE on its 4G network.

  Aftermath. The deployment was described as the first VoLTE launch by a mobile operator in Cyprus.

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• 2020Secure 5G spectrum and prepare network launchProduct launch

  Cyprus held a government auction for 5G licences.

  What changed. Epic participated in the auction and won a licence to build and operate a 5G network.

  Aftermath. The licence enabled Epic to launch commercial 5G service in July 2021.

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• 2019Rebrand from MTN Cyprus to EpicStrategy

  Following Monaco Telecom's acquisition, the company operated under a temporary permission to retain the MTN name.

  What changed. The operator retired the MTN brand and adopted Epic in June 2019.

  Aftermath. The Cyprus business continued offering mobile, fixed, broadband and television services under its new identity.

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• 2018Sell MTN Cyprus to Monaco TelecomM&A

  MTN Group agreed to divest its Cyprus telecommunications subsidiary.

  What changed. Monaco Telecom acquired the entire share capital of MTN Cyprus in a reported €260 million transaction.

  Aftermath. The company entered Monaco Telecom's portfolio and operated temporarily under the MTN name before being rebranded Epic.

  Reported transaction value. €260 million (2018 acquisition announcement)

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• 2013MTN Group consolidates ownershipM&A

  Amaracos Holdings held a minority interest in MTN Cyprus following the 2008 partnership.

  What changed. MTN Group agreed to acquire Amaracos Holdings' share capital in MTN Cyprus.

  Aftermath. MTN Group became the sole owner of the Cyprus operator.

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• 2008Acquire Infotel and OtenetM&A

  MTN Cyprus sought to extend its mobile business into retail, fixed telephony and internet access.

  What changed. MTN Cyprus acquired 100% of Infotel Ltd and Otenet (Cyprus) Ltd.

  Aftermath. The acquisitions gave the operator additional retail capabilities and entry into fixed communications and internet services.

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• 2021Epic launches 5G network

  Epic officially launched its 5G network in Cyprus on 9 July 2021.

  Product launchProduct generation
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• 2020Epic deploys VoLTE and obtains a 5G licence

  Epic deployed Voice over LTE on its 4G network and participated successfully in the Cyprus government's 5G licence auction.

  Product launchRegulation
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• 2019MTN Cyprus completes rebrand as Epic

  After the change in ownership, Monaco Telecom retired the MTN brand in Cyprus and renamed the operator Epic.

  Leadership changeOther
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• 2018Monaco Telecom acquires MTN Cyprus

  Monaco Telecom agreed to acquire the entire share capital of MTN Cyprus from MTN Group in a transaction reported at €260 million. The agreement included a transitional right to continue using the MTN name for three years in return for a commercial fee.

  M&A
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1. Epic (telecommunications)