OTE sells Telekom Albania stake to Bulgarian investor

Greek telecommunications giant OTE has agreed to sell its stake in Telekom Albania to the Bulgarian company Albania Telecom Invest for 50 million euros.

Albania Telecom Invest is a joint venture between the Bulgarian businessman Spas Roussev, and the Albanian-Bulgarian investor Elvin Guri.

“The sale of Telekom Albania concludes a successful investment in Albania for OTE Group. It is a strategic decision, in the context of OTE Group’s redefined priorities and growth plans, in order to create value for all shareholders and support sustainable development,” said Michael Tsamaz, OTE’s chairman.

He added: “I would like to thank Telekom Albania’s management and employees for the company’s accomplishments to date, as well as for their sound cooperation with OTE Group. The acquisition of the company by a strong and entrepreneurial investment group ensures its growth and creates the conditions to further strengthen its market position.”

The transaction is subject to the customary closing conditions, including approval by the local competition authorities, and is expected to be completed within the first half of 2019.