DT to exercise right to buy further 5%-stake of OTE; deal worth 284.05 mln€

Deutsche Telekom (DT) has activated a clause, as widely expected, and exercised its right to purchase a further 5-percent stake of the Hellenic Telecommunications Organization (OTE), Greece’s largest telecoms company. The German multinational already owns upwards of 40 percent of OTE and holds its management.
DT had received an invitation by Greece’s privatization fund (HRADF) last week to purchase the 5-percent stake, as DT holds a “right of first refusal” for the shares. A previous international tender for the stake failed to attract a binding offer.
The price tag reaches 284.05 million euros, an outlay for 24,507,520 common shares of OTE, HRADF announced in a press release.