Romanian telecoms incumbent Romtelecom has hired law firm Stoica & Asociatii to advise on the assessment process to decide whether to list the fixed-line operator on its own or to first merge it with mobile operator Cosmote.
In a release, Romtelecom…
Romanian telecoms incumbent Romtelecom has hired law firm Stoica & Asociatii to advise on the assessment process to decide whether to list the fixed-line operator on its own or to first merge it with mobile operator Cosmote.
In a release, Romtelecom said the law firm would protect the legal interests of both shareholders and would work with the investment bank to be selected at the beginning of September.
The investment bank will be expected to produce a study on different options by December.
On 1 July, Greek operator OTE and the Romanian ministry of communications and Information agreed to list Romtelecom within the next 12 months. Last year, the Romanian authorities had said they wanted to sell the state’s stake. OTE declined to increase its exposure, but instead proposed a merger between the fixed-line and the mobile unit.
Deutsche Telekom-controlled OTE holds 54.01% of the operator, while the ministry of communications owns the remaining 45.99%.
OTE’s mobile arm Cosmote owns 70% of Cosmote Romania, while Romtelecom owns the remaining 30%.
