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Deutsche Telekom to increase share in Greek telecom that nobody wants

Staff Writer |
Greece's privatization fund announced that Deutsche Telekom will increase its share in Greek telecommunications operator OTE.

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Deutsche Telekom, which gradually became the largest shareholder in the company with an acquisition of 40 percent of OTE shares since 2009, will buy another 5 percent stake in the Greek company for 284 million euros ($349 million), the Hellenic Republic Asset Development Fund (HRADF) said in an emailed announcement.

The agreement came after an international tender held by HRADF as part of Greece's privatization program for the sale of the 5 percent of shares ended inconclusively earlier this year.

OTE, the former state-owned monopoly, is the largest telecommunications operator in the Greek market.

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