Financial News: Deutsche Telekom to buy additional 10% of OTE for 400 mln euros

Deutsche Telekom (DT) on Monday announced its decision to proceed with the purchase of an additional 10-pct equity stake in Hellenic Telecommunications Organization (OTE) from the Greek state.
The German telecoms group said that under an agreement signed in May 2008, during the purchase of a 30-pct equity stake in OTE, the Greek government informed DT of its decision to exercise an option to sell an additional 10 pct stake in OTE, with negotiations starting immediately.

Deutsche Telekom said the exact sum for the purchase will be determined according to the agreement signed in 2008.

In particular, the sell price will be based on the average share price of OTE over the last 20 working days on the Athens Stock Exchange, with a premium of 15 pct. Based on the current share price, Deutsche Telekom said the total price of the purchase will be around 400 million euros.

Once the transaction is completed, Deutsche Telekom will own 40 pct plus one vote, while the Greek state will own 10 pct plus one vote in OTE.

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