Deutsche Telekom buys remaining five percent stake in OTE

Deutsche Telekom has exercised its right of first refusal for the purchase of 24.5 million shares of common stock of the Hellenic Telecommunications Organisation (OTE).

Deutsche Telekom has exercised its right of first refusal for the purchase of 24.5 million shares of common stock of the Hellenic Telecommunications Organisation (OTE), which represents about five percent of the company’s stock.

The purchase is in accordance with provisions 8.4 and 8.6 of the agreement between the Greek public sector and Deutsche Telekom AG, to which the Hellenic Republic Asset Development Fund (HRADF), the country’s privatisation agency, has become a party.

Deutsche Telekom confirmed to the HRADF that it will exercise its right to buy the stock package on 20 March.

Now, the HRADF and Deutsche Telekom and the HRADF will cooperate on the formal completion of the 284mn euro deal.

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