Last checked at 30 Sep 2021 15:28
Announcement of Regulated Information
OTE concludes the sale of Telekom Romania (Fixed)
Athens, September 30, 2021 - Hellenic Telecommunications Organization S.A. ("OTE") announces that the sale of its 54% stake in Telekom Romania Communications S.A. ("TKR") to Orange Romania has been successfully completed today. The final equity consideration reached €295.6mn.
OTE anticipates distributing to shareholders approximately €174mn, in the form of extraordinary dividend and incremental share buybacks. The dividend distribution, subject to appropriate corporate approvals, is expected to take place within 2021. OTE will proceed with a new announcement with the relevant details.
OTE's Chairman and CEO, Mr. Michael Tsamaz, noted: "The sale of Telekom Romania Fixed is a strategic decision enabling OTE's rapid infrastructure rollout in Greece and enhancing its long term growth outlook and shareholder value. In Romania, it will support the growth of Telekom Romania Fixed and drive market competitiveness benefiting Romanian customers and society.
OTE remains in the Romanian market with Telekom Romania Mobile, targeting positive cash flow generation through a revamped market approach. It is therefore a transaction that benefits all parties involved. I would like to thank Telekom Romania's management and employees for all the company's accomplishments to date and wish them a prosperous future."
The announcement is issued in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014.
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