Deutsche Telekom to acquire additional 10% of OTE

Deutsche Telekom is to acquire a further 10% of the shares of Greek telco OTE following a decision by the Greek government to exercise an option to sell the stake to the German telco.

Deutsche Telekom expects to pay approximately €400 million for around 49 million OTE shares, representing a 15% premium on the volume-weighted average price of the shares trading on the Athens stock exchange over the past 20 days. The deal will leave the Greek state with 10% (plus one voting right) of the total voting rights.