The Hellenic Republic Asset Development Fund (HRADF) announced on Wednesday that Deutsche Telekom AG acquired the remaining five-percent stake in Greece’s biggest telecom operator, OTE.

The German giant exercised its right of first refusal for the acquisition of 24,507,520 common registered shares of OTE, following an agreement with the Greek state to which HRADF has acceded.

Deutsche Telekom served a relevant confirmation to HRADF on March 30, 2018.

Based on Tuesday’s closing share price in the Stock Exchange (€11.24), Deutsche Telekom gave a premium of more than three percent. The average price of the stock at the last 20 trading sessions was €11.5904.

The move is part of the privatization drive in Greece.

However, as Reuters reports sales of state assets since 2010 have reaped about €4.7 billion ($5.7 billion) so far versus an original target of €50 billion due to bureaucracy and political opposition.

Source: greekreporter