DT's Subsidiary in Greece OTE to Sell Telekom Albania for 50 mln Euro

DT's Subsidiary in Greece OTE to Sell Telekom Albania for 50 mln Euro Image Credit: World Image/Bigstockphoto.com

Deutsche Telekom's subsidiary in Greece, OTE has entered into an agreement to sell its entire stake in Telekom Albania to the Bulgarian company Albania Telecom Invest AD for a total consideration of €50m. 

Albania Telecom Invest AD is controlled by Spas Roussev, controlling shareholder of the Bulgarian incumbent telecom operator Vivacom, and Elvin Guri, an Albania-Bulgarian Investor. 

The transaction is subject to customary closing conditions, including the approval by the competent local authorities and financing, and is expected to be completed within the first half of 2019.

Michael Tsamaz, Chairman and CEO, OTE
The sale of Telekom Albania concludes the successful investment in Albania for OTE Group. It is a strategic decision, in the context of OTE Group’s redefined priorities and growth plans, in order to create value for all shareholders and support sustainable development.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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