OTE agrees to sell Telekom Romania Communications to Orange Romania

Hellenic Telecommunications Organization (OTE) announces that it has entered into an agreement to sell its 54 percent stake in Telekom Romania Communications (TKR) to Orange Romania, according to Business-Review.eu.

The agreed consideration is EUR 497 million for 100 percent, corresponding to EUR 268m for OTE’s stake, on a debt-free, cash-free basis and is subject to customary adjustments at closing of the transaction, such as for net debt, working capital and pre-Closing items.

OTE will retain ownership of Telekom Romania Mobile Communications.

The sale is not expected to have a material impact on OTE’s free cash flow outlook, or its debt position.

Telekom Romania’s acquisition by Orange Romania will enhance the market’s competitiveness while securing the company’s future, through long term investments, supporting the digital transformation of the Romanian economy and society, as well as offering stability and positive prospects to its employees.

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