OTE sells up in Serbia
07.34 Europe/London, January 2, 2012 By Chris Dziadul

Telekom Srbija has reached an agreement with OTE to buy back the 20% in the company currently owned by the Greek telco.

In a statement, the Serbian company says the amount paid for the stake will be €380 million, with the deal expected to be finalised in the first quarter of this year.

OTE, which is backed by Deutsche Telekom, acquired the stake in 1997.

Its sale, the value of which will be increased by a further €17 million in dividends, should help OTE reduce its debts, currently believed to be over €750 million.