Telecoms operator Orange Romania announced the completion of its purchase of the 54 percent majority stake in Telekom Romania Communications (TKR) from OTE, while the remaining 46 percent of the shares stay with the Romanian state.
In a separate announcement, Greek telecommunications provider Hellenic Telecommunications Organization S.A. (OTE) informed that it has successfully completed the sale of its 54 percent stake in Telekom Romania Communications to Orange Romania, for the final price of 295.6 million euros.
"Today we write a new page not just in the history of Orange, but in that of the entire Romanian telecommunications market, and I am extremely proud of the effort and achievements of all those involved in this process. We start together, Orange and Telekom Romania Communications, with a common goal - that of being the first choice on the convergent service market in Romania," said Orange Romania CEO Liudmila Climoc.
"The sale of Telekom Romania Communications SA is a strategic decision that contributes to the rapid development of infrastructure in Greece and improves the long-term vision of growth and shareholder value. In Romania, it will support the growth of Telekom Romania Communications and market competitiveness for the benefit of customers. OTE remains on the Romanian market with Telekom Romania Mobile Communications SA, aiming at the positive generation of cash flows through a new market approach," OTE Group Chairman and CEO Michael Tsamaz said in his turn.
At the end of July, the European Commission approved the takeover of Telekom Romania Communications by Orange SA, making the approval conditional on the divestiture of TKR's 30 percent minority stake in Telekom Romania Mobile Communications (TRMC), which is a direct competitor of Orange.