- Media information on the Greek government's decision to exercise its put option to sell 10 percent of the shares in Greek telecommunications company Hellenic Telecom to Deutsche Telekom
The Greek government has today informed Deutsche Telekom that the Greek state, within the framework of the provisions of the Share Purchase Agreement dated May 2008, will make use of its right to sell another 10 percent of the shares in the telecommunications company Hellenic Telecom (OTE) to Deutsche Telekom.
As a result of this notification the contractually agreed put option is deemed exercised as of today.
The exact price Deutsche Telekom will pay to acquire the shares will be established in line with the provisions in the Share Purchase Agreement mentioned above. It is computed based on the volume weighted average price of the OTE share on the Athens stock exchange from the past 20 trading days plus a premium of 15 percent.
Based on the current share price (the final figure is yet to be determined precisely), the purchase price for the around 49 million OTE shares totals approx. EUR 400 million.
Once the shares have been transferred as part of the put option, the Greek state will hold 10 percent (plus one vote) of the voting rights in OTE and Deutsche Telekom 40 percent (plus one vote). The two shareholders have been the parties to a Shareholder Agreement on their stake in OTE since May 2008.