Deutsche Telekom is set to increase its stake in Greece’s largest operator, OTE, to 45 per cent after exercising its right of first refusal on a 5 per cent share unsold in a tender by Greek authorities.
The German-headquartered operator group will pay €284 million for the stake, Greece’s privatisation agency Hellenic Republic Asset Development Fund (HRADF) announced. The 5 per cent share in OTE was originally put out to tender but received no interest.
OTE’s Cosmote brand commanded a 48 per cent share of connections (including cellular IoT) in Greece, according to GSMA Intelligence estimates for Q4 2017. Vodafone Greece held a 35 per cent share with the remaining 17 per cent held by Wind.
In addition to Cosmote, OTE also operates a fixed and broadcast proposition and holds a range of other assets across a number of industries in Greece and southeast Europe.