OTE completes buy of 30% of Telekom Romania

OTE completes buy of 30% of Telekom Romania

Greece's Hellenic Telecommunications Organization (OTE) has completed the acquisition of a 30% stake of Telekom Romania Mobile Communications (TRMC) from fixed-line operator Telekom Romania Communications (TKR).

According to local media reports, the final purchase consideration, reflecting the equity value, stood at EUR58.9 million (USD69.6 million).

The deal is a required condition for the regulatory approval of the sale of the 54% stake OTE holds in Telekom Romania's fixed business to Orange Romania.

Following the acquisition, OTE controls almost 100% of TKRM, it said. OTE group is 46% owned by the German group Deutsche Telekom.

Orange, through its Romanian subsidiaries, and TKR provides telecommunications services in Romania, both at the retail and wholesale level. Orange's main activities are related to mobile telecommunications, while TKR is mainly active in fixed telecommunications and TV.

In November, OTE announced that it has agreed to sell its 54% stake in Telekom Romania Communications for 268 million euros to Orange Romania.