Hellenic Telecommunications Organization (OTE) on Thursday announce the sale of its 54-percent stake in Telekom Romania Communications (TKR) to Orange Romania, with the final equity consideration reaching 295.6 million euros.
OTE said it anticipates distributing approximately 174 million euros to shareholders, in the form of an extraordinary dividend and incremental share buybacks. The dividend distribution, subject to appropriate corporate approvals, is expected to take place within 2021, the company announced.
In commenting on the development, OTE chairman and CEO Michael Tsamaz noted that “…the sale of Telekom Romania Fixed is a strategic decision enabling OTE’s rapid infrastructure roll-out in Greece and enhancing its long term growth outlook and shareholder value. In Romania, it will support the growth of Telekom Romania Fixed and drive market competitiveness benefiting Romanian customers and society.
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