HRADF launches tender process to sell 5 pct stake in OTE (upd)

The Hellenic Republic Asset Development Fund S.A (HRADF) on Tuesday launched an international tender process for the acquisition of a 5.0 pct stake (24,507,520 common registered shares) of Hellenic Telecommunications Organisation (OTE) S.A.

The tender process will be conducted in one phase and interested investors are requested to submit their binding offers, in accordance with the “Request for Proposal”, which is posted on the website of HRADF, no later than 15 March 2018.

Deutsche Telecom holds 40 pct of OTE’s share capital, the Hellenic Republic holds 5.0 pct, the HRADF 5.0 pct, while smaller percentages are held by foreign and local institutional and private investors. Deutsche Telecom has a first denial right, which means that after completion of the tender, the German group would be asked to offer an equal or higher price to that of the highest bidder in the tender. DT has the right to purchase or the appoint a member of the group to purchase the shares offered according to the terms set by the shareholders agreement. If DT has not exercised its first denial right within 60 working days, then the Greek state has the right to complete the agreement with the highest bidder of the tender.