Deutsche Telekom Buys 25% Stake in OTE

Deutsche Telekom has bought 25% stake in OTE, the Greek telecommunications company for E3.2 billion, according to Reuters.

The deal is likely to expand Deutsche Telekom’s presence in southeast Europe’s telecommunications market.

According to George Alogoskoufis, the Greek finance minister, Greece and the German telecom provider have agreed to share management in OTE. Deutsche Telekom will reportedly appoint the CEO, while the state of Greece will choose the chairman for OTE. However, the deal will have to be approved by the regulators and the Greek parliament.