Greece’s OTE group said on Wednesday it has entered into an agreement to sell its entire stake in Telekom Albania to Bulgarian company Albania Telecom Invest for a total consideration of 50 million euro ($57.2 million).
“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 said in a press release emailed to SeeNews.
The transaction is expected to be closed within the first half of 2019.
The agreement will be subject to the customary closing conditions, including the approval by the competent local authorities and financing.
“The sale of Telekom Albania concludes the successful investment in Albania for OTE Group,” the OTE’s chairman and chief executive officer, Michael Tsamaz, said.
“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,” Tsamaz noted, adding that 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.
Greece’s Eurobank acted as OTE’s financial advisor.
Telekom Albania, whose majority shareholder is OTE, Deutsche Telekom’s subsidiary in Greece, operated as Albanian Mobile Communications (AMC) until July 2015. The company was acquired by OTE Group in 2000. In 2009 with Deutsche Telekom acquisition of OTE it indirectly became part of Deutsche Telekom.