OTE has entered into an agreement to sell its entire stake in Telekom Albania Sh.A. (Telekom Albania) to the Bulgarian company Albania Telecom Invest AD for a total consideration of €50m. Albania Telecom Invest AD is controlled by Mr. Spas Roussev, controlling shareholder of the Bulgarian incumbent telecom operator Vivacom, and by Mr. Elvin Guri, an Albania-Bulgarian Investor.
OTE’s Chairman and CEO, Mr. Michael Tsamaz, noted: “The sale of Telekom Albania concludes the successful investment in Albania for OTE Group. It is a strategic decision, in the context of OTE Group’s redefined priorities and growth plans, in order to create value for all shareholders and support sustainable development”.
Mr. Tsamaz, added: “I would like to thank Telekom Albania’s management and employees for the company’s accomplishments to date, as well as for their sound cooperation with OTE Group. The acquisition of the company by a strong and entrepreneurial investment group ensures its growth and creates the conditions to further strengthen its market position”.
The transaction is subject to customary closing conditions, including the approval by the competent local authorities and financing, and is expected to be completed within the first half of 2019.
Eurobank acted as OTE’s financial advisor.