DT completes OTE stake increase to 40%

15 Jul 2011

Deutsche Telekom (DT) has completed a transaction to raise its equity stake in Greek incumbent telco Hellenic Telecommunications Organisation (OTE, including cmobile group Cosmote) from 30% to 40% after a state put option was activated. The share deal completed on 11 July, with the German giant paying EUR391.6 million (USD556 million) for the 10% stake following a decision taken by the Greek inter-ministerial commission for restructuring and privatisations, which marked the start of the heavily indebted country’s new programme of state sell-offs. The deal consisted of the purchase of 49,015,038 shares of OTE for EUR7.99 each, transferred through the Athens Stock Exchange by National Securities. DT now holds an equity stake of 40.00000008%, which translates to 196,060,156 shares, and the corresponding voting rights, with the Greek government still able to veto key decisions in the company.

Greece, Cosmote, Deutsche Telekom (DT)