Turk Telekom has placed a binding bid to take over Greek telco OTE’s Bulgarian units, telco Cosmo Bulgaria (Globul) and retailer Germanos Telecom Bulgaria.
The Turkish incumbent said in a brief regulatory filing that the bid is in line with its…
Turk Telekom has placed a binding bid to take over Greek telco OTE’s Bulgarian units, telco Cosmo Bulgaria (Globul) and retailer Germanos Telecom Bulgaria.
The Turkish incumbent said in a brief regulatory filing that the bid is in line with its international expansion strategy.
OTE reportedly extended the deadline for bids by a month to 18 April to give itself and interested parties more time to prepare for the sale, expected to raise about €700m.
Turkish mobile operator Turkcell disclosed in November last year that it had submitted a non-binding bid for Globul – Bulgaria’s second-largest mobile operator. A Turkcell spokesperson said today that the board of directors hasn’t taken a decision on a binding offer and that any updates will be communicated.
Deutsche Telekom, which owns 40% of OTE shares, announced last year that it was prepared to buy Globul to help its Greek parent cut debt.
Various media have reported potential buyers also include Norway’s Telenor, however a company spokesperson declined to comment on the rumours.
OTE announced its intention to sell the Bulgarian units in June last year as part of comprehensive plans to tackle debt. The telco has since sold local satellite unit Hellas Sat for €208m and raised €700m in a bond issue.
OTE reported underlying net debt of €2.882bn at the end of 2012, down nearly €1bn, or 25.4%, on the 2011 result.
