Deutsche Telekom to invest in Greek arm
Deutsche Telekom plans to inject €1.2 billion into its Greek subsidiary OTE over the next four years, following an investment of €2 billion over the past five years in the Greek market, a company statement has revealed.
The German operator said it hopes to make OTE the focus of Deutsche’s expanding European operations.
"Let's work together to develop Deutsche Telekom, our group, into the leading telecommunications provider in Europe with OTE as a strong cornerstone," said CEO Timotheus Höttges.
The company holds a 40% stake in OTE and Höttges met with the company in Greece for the first time since the new CEO’s appointment in January 2014.
During the trip, Höttges underlined the Greek arm’s development and improved financial position in the last year through a €700 million bond issue, various asset sales and the €208 million sale of its majority stake in satellite operator Hellas Sat to Arabsat.
"The comprehensive restructuring programme has greatly reduced [OTE's] debt," said Höttges.