Vodafone has agreed to buy the TWI stakes in the Romanian mobile operator Mobifon and the Czech Oskar for USD3.5bn plus USD0.9bn of debt. We expect Vodafone’s entry into the Czech market to increase competitive pressures as the company will want to increase its market share, which is currently at 17%. We do not expect the new acquisition to have any significant impact on the CT privatization as speculations around the sale of Oskar have been going around the market for some time and potential bidders for CT had to take it into account.