Orange to Buy 54% Stake in Telekom Romania
November 09 2020 - 2:47AM
Dow Jones News
By Mauro Orru
Orange said Monday that its Romanian subsidiary Orange Romania
has signed a deal to acquire a 54% stake in Telekom Romania
Communications.
The French telecommunications company said it would pay 268
million euros ($318.3 million) for the stake, based on an
enterprise value of EUR497 million for 100% of Telekom Romania
Communications.
Orange is buying the stake from Greece's Hellenic
Telecommunications Organization S.A. and said the deal is expected
to be completed in the second half of 2021. The remainder of
Telekom Romania is owned by the Romanian state.
"This is a significant milestone for the Romanian telecom market
that will enhance its attractiveness both in terms of converged
telecoms services and high quality infrastructure, while increasing
competition," said Orange Romania Chief Executive Liudmila
Climoc.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 09, 2020 02:32 ET (07:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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