Telekom raises OTE interest

By Chris Dziadul

The Greek government has decided to sell as further 5% stake in OTE to Deutsche Telekom.

According to Greek news sources, the move is in accordance with a deal struck last year obliging Deutsche Telekom to buy a further 5% in OTE at €27.5 a share proving the Greek state remains in control of the telco.

As a result of the deal, the state will collect €674 million plus and benefit by over €385 million due to the current OTE share price.

The sale, which raises Deutsche Telekom’s interest in OTE to 30% plus one share, is being strongly opposed by the Federation of OTE employees and PASOK political party.

Separately, it has been confirmed that OTE will participate in €2.1 million FTTH network project.