OTE sells its stake in Telekom Albania for 50M Euro

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OTE announces the conclusion of an agreement for the sale to the Bulgarian company Albania Telecom Invest AD of its entire stake in Telekom Albania Sh.A. (Telekom Albania) for a total amount of € 50 million. Albania Telecom Invest AD is jointly controlled by Mr Spas Roussev, the major shareholder of Bulgaria’s largest telecommunications provider, Vivacom, and investor Elvin Guri.

OTE Group Chairman and Managing Director Michalis Tsamaz said: “The Telekom Albania sale agreement closes the OTE Group’s successful investment cycle in Albania. This is a strategic decision in the context of the redefinition of the OTE Group’s priorities and development plans, with a view to creating value for shareholders and sustainable development.

Mr. Tsamaz added: “I want to thank Telekom Albania’s Management and employees for the achievements of the company so far and for the very good cooperation with the OTE Group. The acquisition of the company by a strong investment group ensures its growth and creates the conditions for further strengthening its position in the market “.

The transaction is subject to the usual completion of the transaction, including approval by the competent authorities, as well as financing, and is expected to be completed in the first half of 2019.

Financial advisor to OTE was Eurobank.