OTE Group Completes Sale of Subsidiary Telekom Romania Mobile

OTE Group on Wednesday announced that it had successfully completed the sale of its subsidiary Telekom Romania Mobile Communications to Vodafone Romania. The transaction had been under negotiation over the recent period and was expected.

The latter acquires OTE’s entire stake in TKRM (100% minus 7 shares held by S.N. Radiocomunicații), while Digi Romania acquires the prepaid segment, certain spectrum rights, and part of TKRM’s mobile base station portfolio.

The total consideration for the sale of TKRM amounted to €70 million. Net proceeds, after adjustments at closing, such as net debt, working capital, and other costs & expenses/provisions, amounted to approximately €40 million, which will be distributed to shareholders.