OTE Group: New Potential Buyer for Subsidiary in Romania – Economic Post

Along with its announcement, OTE Group announced that negotiations for the possible sale of its subsidiary in Romania, Telecom Romania Mobile, are now continuing with a new buyer. It is West Network Invest, owned by Digi Romania.

TGI is part of TGI Communications Group, a leading telecommunications company in Romania, Spain, Italy, Portugal and Belgium.

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Here is the announcement from the company:

“Telecommunications Organization of Greece S.A. (“OTE SA” or the “Company”), following the announcement regarding the sale of a 100% subsidiary of Telecom Romania Mobile (“TKRM”) from 21.11.2023, is now in negotiations with the new buyer, West Network Announcing Continued Invest in SRL

» West Network Invest SRL is a joint-stock project owned by DG Romania SA (“DG”) and Clever Media Group as a minority shareholder. TGI is part of TGI Communications Group, a leading telecommunications company in Romania, Spain, Italy, Portugal and Belgium.

» The parties have signed an agreement on cooperation and are in the process of submitting an application for approval to the competent Romanian authorities. Completion of the transaction is subject to customary procedures and approvals, including completion of necessary controls, regulatory approvals and signing of transaction documents.

“As required by law, the Company will promptly issue the required notices to the investing public if the conditions are met.”

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