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August 29, 2008 4:33:32 CDT

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Deutsche Telekom to Buy Greek Stake

Posted Mar 17, 08 1:03 CDT in Business,  Technology 

(Newser) – Deutsche Telekom plans to buy a 20% stake in Hellenic Telecommunications Organization (OTE) of Greece, for $3.92 billion. The deal is conditional on the German carrier getting management control, and the company will open talks immediately with the Greek government, the only larger shareholder. The OTE stake will let Europe’s biggest telephone company expand into Eastern Europe, reports the Wall Street Journal.

An OTE mobile subsidiary has operations in Albania, Macedonia, Bulgaria and Romania. Deutsche Telekom will buy the OTE stake from Marfin Investment Group at $41 a share—36% above the March 14 closing price. Bloomberg reports the Greek economy minister called the deal “a welcome development,” though a “number of issues between the Greek government and Deutsche Telekom remain to be resolved.''

Sources Wall Street Journal, Bloomberg

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The headquarters of Hellenic Telecommunications Organization SA, or OTE, is seen in the northern Athens suburb of Maroussi in this Oct. 5, 2007 aerial file photo.   (AP Photo/Thanassis Stavrakis, File)
German Deutsche Telekom CEO Rene Obermann, left, and financial director Karl-Gerhard Eick address journalists during a news conference to announce first quarter results of the communications company on...   (AP Photo/Frank Augstein)
The logo of German telecommunications giant Deutsche Telekom.   (Getty Images)
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mergers and acquisitions  • telecommunications  • Greece  • telecom industry  • corporate governance  • Eastern Europe  • Deutsche Telekom


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