Telecom Lead Europe: Greek telecommunication group OTE,
also known as Hellenic Telecommunications Organization is set to sell its
Bulgarian unit Globul.
It is reported by a newspaper that
Turkey’s Turkcell, Vodafone and Orange are looking to buy the Bulgarian
unit Globul.
The revenues coming from the sell off will help OTE to
refinance 3.4 billion euros ($4.3 billion) of debt maturing over the next two
years.
With nod from the firm’s board to sell the unit, OTE has
hired investment bank Citigroup to look after the legal process.
Deutsche Telekom, which owns 40-percent stake in OTE with
the Greek government, which has a golden share will choose the new owner of
this Bulgarian unit.
Globul is Bulgaria’s second largest mobile phone operator
with 4.3 million clients, according to corporate data.
Globul is the trademark under which Cosmo Bulgaria Mobile
EAD offers mobile telecommunications services in Bulgaria.
Globul’s postpaid customer base increased by 13.3 percent
year-on-year in Q4’2011, reaching 2.6 million. The unit’s total revenues
declined by 0.8 percent in the last quarter of 2011, compared to the same
period last year.
In December last year, OTE signed a share purchase
agreement with Telecom Serbia, whereby the latter will purchase OTE’s 20
percent stake in Telecom Serbia for EUR 380 million.
