Dechert Advises OTE on the Sale of a Stake in Telekom Romania Communications to Orange Romania
November 09, 2020
Dechert LLP advised Hellenic Telecommunications Organization S.A (“OTE”), part-owned by Deutsche Telekom, on the sale of its 54 percent stake in Romania’s fixed telecommunications operator, Telekom Romania, to Orange Romania. The transaction values Telekom Romania at an equity valuation of €497 million, corresponding to €268 million for OTE's stake, on a debt-free, cash-free basis and is subject to customary adjustments at closing of the transaction, such as for net debt, working capital and pre-closing items. Together with the complex M&A aspects, the firm advised on the disentanglement of the fixed telecommunications business from the retained mobile telecommunications business. The transaction is subject to regulatory approvals and other conditions and is expected to complete in the second half of 2021.
“The Dechert team is delighted to have helped long-standing client OTE Group on this important cross-border transaction,” said London partner Sean Geraghty. “This transaction forms part of OTE’s strategy in the context of their redefined priorities and growth plans.”
The London-based Dechert team advising OTE was led by corporate partner Sean Geraghty and includes corporate partner Smridhi Gulati, litigation partner Timothy Bowden, tax partner Daniel Hawthorne, corporate counsel James Stonehill, corporate associates Ross Montgomery, Joshua Smith, Daniel Mansfield, Kerenza Kerslake, Amy Rees, Gottfried Bassewitz, Ruth Taylor, Anthony Frost, Jonathan Burke, Rose Limaye and Sarah Moffat, intellectual property associates Nathan Smith and Madeleine White, tax associate Nicolas Kokkinos, financial services associate Aleksander Reda, and litigation associate Evan Flowers.
About Dechert
Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients
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