Cosmote ups AMC stake to 97.6%

12 Feb 2009

Greek wireless holding company Cosmote has acquired an additional 12.6% of Albania Mobile Communication (AMC) from the state for EUR48.2 million (USD62.56 million). The purchase raises Cosmote’s stake in AMC to 97.6%. Deputy Economy Minister Enno Bozdo said Cosmote, wholly owned by Greek incumbent OTE, had outbid rivals Nexus Private Equity Partners, Bedminster Capital Management and Axos Capital for the shares. ‘We consider this as a very successful sale and another vote of confidence of foreign investors in Albania. Its value is all the more as we see the European economy and some Balkan countries showing signs of recession,’ Bozdo told reporters. Cosmote bought 85% of AMC in July 2000 for USD85.6 million.

Albania, Cosmote (old), Telekom Albania