Deutsche Telekom has exercised its right to acquire another 5 percent stake in Greek operator OTE. The Greek state property fund HRADF announced that Telekom will pay EUR 284 million for the additional shares, after no other buyer came forward.
HRADF started an international tender in February to sell its 5.0 percent stake in OTE, corresponding to 24.5 million shares. Deutsche Telekom holds 40 percent already in OTE and had the first right of refusal on the shares if no other buyers emerged. The Greek state will still hold 5 percent in OTE after the latest sale, while the rest of OTE's shares are in free float.
The price of the sale comes out at EUR 11.59 per share, slightly above the company's latest closing price of EUR 11.24.
