OTE looking for up to EUR300m for Cosmofon

21 Oct 2008

The Greek owners of Macedonian mobile operator Cosmofon are looking to sell the company for between EUR250-EUR300 million (USD336-USD402 million), local paper Dnevnik reports. Hellenic Telecommunications Organisation, or OTE, which owns the cellco through its mobile arm Cosmote, is selling the unit following Deutsche Telekom’s acquisition of a strategic stake in the Greek incumbent. The German giant also controls T-Mobile Macedonia and competition authorities recently ruled that as Cosmofon and T-Mobile collectively control more than 90% of the domestic mobile market, DT must sell one of them to avoid a monopoly situation arising. The search for a new owner will begin after the Macedonian Competition Agency releases a document stating that the agreement between DT and OTE creates a monopoly on the mobile telephony market. It is understood Cosmofon will be divested along with its equipment and national network. Telekom Austria, which owns Macedonia’s number three operator VIP Mobile, and Telecom Slovenije, have both expressed an interest in acquiring the company.

North Macedonia, Cosmote, Cosmote (old), ONE (incl. on.net and Cosmofon)