Greece sells 10% in OTE to Deutsche Telekom for EUR 400 mln

News General Greece 7 JUN 2011
Greece sells 10% in OTE to Deutsche Telekom for EUR 400 mln
Greece has exercised its put option to sell a 10 percent stake in OTE to Deutsche Telekom. The option was agreed in May 2008, when the German operator first acquired a stake in OTE. The sale is part of a number of privatisations planned by the government to help ease its debt refinancing. The exact price Deutsche Telekom will pay depends on OTE's share price from the past 20 trading days, plus a premium of 15 percent. Deutsche Telekom estimates this will be around EUR 400 million. After the sale, DT's share increases to 40 percent plus one vote, while the Greek state will continue to hold 10 percent plus one vote in OTE.

Categories:

General

Companies:

OTE,  Deutsche Telekom

Regions:

Eastern Europe

Countries:

Greece

Tags:

Voice services, Shareholders & subsidiaries, Government policy, M&A buyouts & divestments

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