Pursuant to ICARP Decision No. 260/18.11.2016 (Government Gazette 3723/B'/18.11.2016), the Hellenic Republic transferred to HRADF 24,507,520 OTE shares, corresponding to 5% of OTE’s share capital, within the framework of its further privatization process.
The Board of Directors of HRADF decided on 8 February 2018 to proceed to an international tender offer for the sale of its participation in OTE.
In that respect, a Request for Proposal was issued and posted on the website of HRADF on 12 February 2018. In accordance with the Request for Proposal, Interested Investors were requested to submit their binding Offers no later than 15 March 2018.
On 16 March 2018, the Board of Directors of HRADF decided the completion of the international tender process for the sale of 5% of OTE’s share capital following the non-submission of any offer by the deadline of 15 March 2018, in accordance with the terms of the tender.
Furthermore, on 16 March 2017 HRADF’s Board of Directors served a notice to Deutsche Telekom AG inviting it to exercise its right of first refusal, in accordance with the terms 8.4 and 8.6 of the Shareholders’ Agreement between the Hellenic Republic and Deutsche Telekom AG to which HRADF had acceded.
Following the notice sent by HRADF on 16 March 2018, Deutsche Telekom AG exercised its right of first refusal for the acquisition of 5% of OTE’s share capital by serving a relevant confirmation to HRADF on 20 March 2018.
Following the approval of the transaction by the Court of Audit, the sale and purchase agreement between HRADF and Deutsche Telekom AG was signed on 24 May 2018.
On 30 May 2018, the sale of a 5% stake in OTE to Deutsche Telekom AG was completed through a block trade in the Athens Stock Exchange. The transaction consideration amounted to €284,051,959.81.
Piraeus Bank and Credit Suisse International acted as financial advisors and Lambadarios Law Firm as legal advisor to HRADF in connection with the transaction.
For more information please refer to OTE website: www.cosmote.gr