OTE proceeded to the signing of binding agreements for the acquisition of the special purpose company TERNA FIBER, which has been awarded the “Ultra-Fast Broadband” (UFBB) infrastructure project.

Within the framework of UFBB, TERNA FIBER has undertaken the development and operation of infrastructure that will ensure ultra-high Internet speeds in four of the seven geographic zones of the project, covering 480,000 households and businesses in semi-urban and rural areas of Greece.

Specifically, under these agreements OTE will acquire, for a symbolic consideration: (a) initially from GEK TERNA S.A. 100% of its subsidiary company “Broadband Infrastructure Projects”, which holds 50.1% of the shares of TERNA FIBER, and (b) subsequently from GRID TELECOM S.A. the 49.9% of the shares of TERNA FIBER. The transactions are subject to the respective approvals of the Contracting Authority of the project.

The UFBB project, which is a Public-Private Partnership (PPP), is part of a European Union funding program and has a 26-year concession period (including the construction period).

Since 2023, OTE has been implementing the project in three geographic zones, and with the completion of the above agreements, OTE will undertake the entire project.