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ATHENS - Hellenic Telecommunications Organization S.A. (OTE) announced today it has signed binding agreements to sell its 100% stake in Telekom Romania Mobile Communications (TKRM) in a transaction valued at €70 million.
The deal, which received approval from the Romanian Competition Commission in July, involves splitting TKRM’s assets between two buyers. Digi Romania will acquire the prepaid business, certain spectrum rights, and part of the tower portfolio, while Vodafone Romania will purchase OTE’s entire stake in TKRM, excluding the assets transferred to Digi.
The transaction’s enterprise value is subject to customary adjustments including net debt, working capital, and other costs at completion. OTE plans to distribute the net proceeds to its shareholders following the deal’s completion, which is expected in early October.
"We are pleased to have reached this important agreement, which is fully aligned with OTE’s strategic focus on optimizing its portfolio and enhancing shareholder value," said Kostas Nebis, OTE’s Chairman and CEO, in the press release statement.
The transaction follows OTE’s strategy of portfolio optimization and comes after regulatory approval was secured earlier this summer. The company retains a minimal presence in TKRM through seven shares held by S.N. Radiocommunicatii.
The sale represents a significant shift in the Romanian telecommunications landscape, with assets being divided between two major market players. According to the announcement, the transaction is being conducted in accordance with European market regulations and Romanian competition law.
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