Telecommunications Organisation S.A. popularly known by its Greek initials OTE has entered into an agreement with Albania Telecom Invest to sell its whole shares in Telekom Albania Sh.A. (Telekom Albania). The share value is estimated at €50m.
Deutsche Telekom is the largest shareholder of OTE. Albania Telecom Invest AD is a Bulgarian company controlled by two major shareholders; Mr. Spas Roussev (shareholder of Vivacom), and Mr. Elvin Guri (Albania-Bulgarian Investor).
OTE’s Chairman and CEO, Mr. Michael Tsamaz, noted: “The sale of Telekom Albania concludes the 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”.
OTE Group is a dominant telecommunications provider in Greece and is one of the largest telecom corporations in southeast Europe. OTE Group offers broadband services, fixed and mobile telephony, high-speed data communications over fiber and leased line services. OTE is offering satellite communications, real-estate and professional training. OTE has an extensive copper-based access network, which is estimated to be around 5.3 million pairs.
OTE has started replacing its copper networks with optical fiber cables. The work is progressing and is eventually all OTE access network would be shifted to optical fiber cables. The entire broadband network in Greece relies on OTE’s access network. OTE use a mix of technologies such as ADSL, ADSL2, ADSL2+, FTTC, VDSL2, and Satellite to deliver broadband internet.OTE invested more than €500 million to build and upgrade its networks from 2008 to 2011.