By Nektaria Stamouli 
 

ATHENS--Deutsche Telekom (DTE.XE) will acquire a 5% stake in OTE, Greece's biggest telecommunications operator, the Greek privatization fund said on Wednesday.

The German telecommunications company already owns a 40% stake in OTE, Greece's former national monopoly.

Last month Greece launched a tender to sell a 5% stake in OTE as part of its third bailout program.

The state fund did not receive any bids and has invited Deutsche Telekom, which also manages OTE, to exercise its right of first refusal to buy the shares. Deutsche Telekom will pay 284.05 million euros ($349.31 million) for the 5% stake.

 

Write to Nektaria Stamouli at nektaria.stamouli@wsj.com

 

(END) Dow Jones Newswires

March 21, 2018 05:59 ET (09:59 GMT)

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