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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Orange takes over 54% in Telekom Romania Communications for EUR 296 mln

Hellenic Telecommunications Organization (OTE) announces that the sale of its 54% stake in Telekom Romania Communications (TKR), the incumbent fixed-line operator formerly known as Romtelecom), to Orange Romania was successfully completed on September 30. The final equity consideration reached EUR 295.6 mln, OTE says.

TKR will continue to provide both support and converged fixed-mobile voice, broadband internet, and television services to its approximately 5 mln customers. It will also manage the network infrastructure, which covers up to 90,000 km of optical fiber, and connects around 3 million households.

Approximately 916,000 customers with mobile services associated with converged contracts will have access, in the coming months, to mobile connectivity in the Orange network.

Mobile services for these customers are provided today by Telekom Romania Mobile (formerly known as Cosmote, owned by OTE) through an MVNO contract with TKR.

Subsequent to the contract with Orange, OTE anticipates distributing to shareholders approximately EUR 174 mln in the form of extraordinary dividends and incremental share buybacks.

The dividend distribution, subject to appropriate corporate approvals, is expected to take place within 2021. OTE’s Chairman and CEO, Michael Tsamaz, said that “the sale of TKR is a strategic decision enabling OTE’s rapid infrastructure rollout in Greece and enhancing its long term growth outlook and shareholder value.

In Romania, it will support the growth of TKR and drive market competitiveness benefiting Romanian customers and society.” OTE remains in the Romanian market with Telekom Romania Mobile Communications (formerly known as Cosmote).

(Photo: Xannondale | Dreamstime.com)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Orange takes over 54% in Telekom Romania Communications for EUR 296 mln

Hellenic Telecommunications Organization (OTE) announces that the sale of its 54% stake in Telekom Romania Communications (TKR), the incumbent fixed-line operator formerly known as Romtelecom), to Orange Romania was successfully completed on September 30. The final equity consideration reached EUR 295.6 mln, OTE says.

TKR will continue to provide both support and converged fixed-mobile voice, broadband internet, and television services to its approximately 5 mln customers. It will also manage the network infrastructure, which covers up to 90,000 km of optical fiber, and connects around 3 million households.

Approximately 916,000 customers with mobile services associated with converged contracts will have access, in the coming months, to mobile connectivity in the Orange network.

Mobile services for these customers are provided today by Telekom Romania Mobile (formerly known as Cosmote, owned by OTE) through an MVNO contract with TKR.

Subsequent to the contract with Orange, OTE anticipates distributing to shareholders approximately EUR 174 mln in the form of extraordinary dividends and incremental share buybacks.

The dividend distribution, subject to appropriate corporate approvals, is expected to take place within 2021. OTE’s Chairman and CEO, Michael Tsamaz, said that “the sale of TKR is a strategic decision enabling OTE’s rapid infrastructure rollout in Greece and enhancing its long term growth outlook and shareholder value.

In Romania, it will support the growth of TKR and drive market competitiveness benefiting Romanian customers and society.” OTE remains in the Romanian market with Telekom Romania Mobile Communications (formerly known as Cosmote).

(Photo: Xannondale | Dreamstime.com)

andrei@romania-insider.com

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