OTE to sell majority stake in Telekom Romania to Orange's subsidiary in the country

Monday, 09 November 2020 22:35
UPD:22:37

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Greece-based telecoms group OTE, a subsidiary of DT, on Monday announced an agreement to sell its 54-percent stake in Telekom Romania Communications for 268 million euros to Orange Romania, itself a subsidiary of France Orange.

A set price for 100 percent is 497 million euros corresponding to 268 million euros on a debt-free, cash-free basis, and subject to customary adjustments at the closing of the transaction, such as for net debt, working capital and pre-closing items, OTE said in a press release.

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