MIG to sell OTE shares for €2.5bn

Deutsche Telekom has entered into a purchase agreement with Marfin Investment Group (MIG) to acquire all shares held by MIG in Hellenic Telecom (OTE).


Deutsche Telekom has entered into a purchase agreement with Marfin Investment Group (MIG) to acquire all shares held by MIG in Greece’s Hellenic Telecom (OTE).



The agreement represents just under 20 per cent of the ordinary share capital of OTE for €26 per share, or approximately €2.5bn in total.



The agreement requires approval from Deutsche Telekom’s supervisory board and for Deutsche Telekom to enter into a shareholder agreement with the Greek government.



Approval is also required from the Inter-Ministerial Committee (IMC) for Deutsche Telekom to increase its stake in the implementation of its strategic objectives.



Deutsche Telekom says it expects to initiate discussions with the Greek government in the very near future.