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January 28, 2022
BUSINESS

Greece sells 10 pc OTE stake to Deutsche Telekom

Greece on Monday agreed to sell a 10 percent stake in Hellenic Telecom (OTE) to Germany’s Deutsche Telekom AG as the Mediterranean state kicks off privatization deals to cut its debt pile, Wall Street Journal informs. The European Union and IMF have been pressing Greece to conduct large-scale privatisations to raise funds for reducing its huge debt.

Cash-strapped Greece has pledged to raise EUR 50 bln from privatisations by 2015 and the pre-arranged OTE sale is the first state asset to be shifted as part of the program. The Greek government exercised its “put” option to sell a 10 per cent stake in OTE for around EUR 400 M.

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