Privatisation committee approves OTE-DT deal

9 May 2008

The privatisation committee overseeing the planned sale of a government-owned stake in Greek incumbent OTE has approved a draft agreement between the state and Deutsche Telekom (DT), and the deal is expected to receive final approval by the Cabinet next week, followed by a submission to parliament, writes DT has agreed to take a management role in OTE in return for buying approximately 5% of equity in the former monopoly; the German group has separately agreed to acquire a 19.99% stake in OTE from Greek investment group MIG.

Greece, Cosmote, Deutsche Telekom (DT)