Athens-listed OTE Telecom announced on Friday that it has signed binding agreements to sell its 100% stake in Telekom Romania Mobile Communications (TKRM) to Vodafone Romania SA and Digi Romania SA.
Based on the agreements, TKRM will transfer its prepaid business, certain spectrum rights, and part of its portfolio to Digi.
OTE, controlled by Germany’s Telekom, will sell its entire stake in TKRM, excluding the assets transferred to Digi, to Vodafone.
The combined enterprise value of the transaction reaches 70 million euros, subject to customary adjustments at completion for net debt, working capital, and other costs.
The completion of the transaction is expected at the beginning of October, and the net consideration will be distributed to OTE shareholders.