9th Nov 2006 10:14
Hellenic Telecomms Organization S A09 November 2006 HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. Announcement OTE Agrees to Sell its 90% Stake in Armentel Athens, November 3, 2006 - Hellenic Telecommunications Organization SA (ASE:HTO, NYSE: OTE), the Greek full-service telecommunications provider, announcedtoday that it has reached an agreement with Open Joint Stock Company"Vimpel-Communications" for the sale of a 90% stake in Armenia Telephone CompanyCJSC ("Armentel"), the incumbent telecommunications provider in Armenia. The sale price for the 90% stake in Armentel, subject to closing adjustments,will be Euro 342 million, implying an enterprise value of Euro 420 million(including estimated net financial debt, tax liabilities and other liabilitiesof approximately Euro 40 million). Closing of the transaction is subject to regulatory and other approvals and isexpected to occur during 2006. HSBC Bank plc is the financial adviser to OTE. About OTEOTE Group is Greece's leading telecommunications organization and one of thepre-eminent players in South-eastern Europe, providing top-quality products andservices to its customers.Apart from serving as a full service telecommunications group in the Greektelecoms market, OTE Group has also expanded during the last decade itsgeographical footprint throughout South East Europe, acquiring stakes in theincumbent telecommunications companies of Romania, Serbia and Armenia, andestablishing mobile operations in Albania, Bulgaria, the Former YugoslavRepublic of Macedonia and Romania. At present, companies in which OTE Group hasan equity interest employ over 35,000 people in seven countries, and ourportfolio of solutions ranges from fixed and mobile telephony to Internetapplications, satellite, maritime communications and consultancy services.Listed on the Athens Stock Exchange, the company trades under the ticker HTO aswell as on the New York Stock Exchange under the ticker OTE. In the U.S., OTE'sAmerican Depository Receipts (ADR's) represents 1/2 ordinary share.Additional Information is also available on http://www.ote.gr. Contacts:OTE: Dimitris Tzelepis - Head of Investor RelationsTel: +30 210 611 1574, Email: [email protected] Papagiannakopoulos-Senior Financial Analyst, Investor RelationsTel: +30 210 611 7593, Email: [email protected] Kozanoglou - Communications Officer, Investor RelationsTel: +30 210 611 1121, Email: [email protected] Diamanti - IR CoordinatorTel: +30 210 611 5070, Email: [email protected] Hadjigeorgiou - Financial AnalystTel: +30 210 611 1428, Email: [email protected] Forward-looking statementAny statements contained in this document that are not historical facts areforward-looking statements as defined in the U.S. Private Securities LitigationReform Act of 1995. All forward-looking statements are subject to various risksand uncertainties that could cause actual results to differ materially fromexpectations. The factors that could affect the Company's future financialresults are discussed more fully in the Company's filings with the U.S.Securities and Exchange Commission (the "SEC"), including the Company's AnnualReport on Form 20-F for 2005 filed with the SEC on June 29, 2006. OTE assumes noobligation to update information in this release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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