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Bulgaria's Albania Telecom Invest wraps up buy of Telekom Albania

Bulgaria's Albania Telecom Invest wraps up buy of Telekom Albania Telekom Albania/All Rights Reserved

SOFIA (Bulgaria), May 8 (SeeNews) - Bulgaria's Albania Telecom Invest has completed the acquisition of Telekom Albania, held by Greece’s OTE Group, for a total gross equity consideration of 50 million euro ($57.2 million), OTE said on Wednesday.

Following clearances by both Albania's electronic and postal communications authority (AKEP) and Albanian competition authority in March and April, respectively, OTE Group has sold its entire stake of 99.757% to Bulgarian company Albania Telecom Invest, OTE said in a statement.

Albania Telecom Invest is owned by Bulgarian businessman Spas Roussev and by Albanian-Bulgarian investor Elvin Guri. Roussev is also chairman of the supervisory board of Sofia-based telecoms group BTC trading as Vivacom.

“It is a strategic decision, in the context of OTE Group’s redefined priorities and growth plans, in order to create value for all shareholders and support sustainable development,” OTE chairman and chief executive officer Michael Tsamaz said when the group decided to sell its entire stake in Telekom Albania in January.

Telekom Albania, whose majority shareholder is OTE - Deutsche Telekom's subsidiary in Greece, operated as Albanian Mobile Communications (AMC) until July 2015. The company was acquired by OTE Group in 2000. In 2009, with Deutsche Telekom's acquisition of OTE, it indirectly became part of Deutsche Telekom.

($ = 0.89291 euro)