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New Deutsche Telekom/OTE deal progresses - 20-June-2008, 14:20

Deutsche Telekom/OTE deal progresses

Deutsche Telekoms acquisition of 25% plus one vote in OTE has been approved by the Greek parliament. However, it still requires the further approval from the Greek regulatory and antitrust authorities before finally going ahead later this year.

Deutsche Telekom acquired a stake of just under 20% in the Greek telco through Marfin Investment Group (MIG) in mid-March for a total purchase price of around 2.55 billion.

It has now effectively raised this stake to 25% plus one vote, with the total value of the transaction being 3.2 billion. Following completion of the deal, the two parties will each hold 50% plus two votes in OTE.
   
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