Telecom OTE to sell Globul in Bulgaria

SOFIA - Agence France-Presse

Turkcell, Vodafone and Orange may bid for Greek OTE, a weekly says. Hürriyet photo

Greek telecoms operator OTE, controlled by Germany’s Deutsche Telekom, is looking to sell its Bulgarian unit Globul to service its debts, a newspaper report said on June 23.

The possible sale is “part of a strategy for refinancing 3.4 billion euros ($4.3 billion) of debt maturing over the next two years,” OTE’s press office told the Capital financial weekly.

OTE has hired investment bank Citigroup to help with the sale, with the firm’s board having taken the decision to sell the unit several days ago, Capital said.

Turkey’s Turkcell, Britain’s Vodafone and Orange, owned by France Telecom, were cited by the newspaper as potential bidders.

Globul’s new owner will be chosen by Deutsche Telekom, which has a 40-percent stake in OTE, together with the Greek government, which has a “golden share,” Capital added.

Globul is Bulgaria’s second largest mobile phone operator with 4.3 million clients, corporate data show.
OTE was not immediately available for comment.