Hellenic Telecommunications Organization SA (OTE) (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced today that it has completed the sale of its 90% stake in Armenia Telephone Company CJSC (Armentel), the incumbent telecommunications provider in Armenia, to Open Joint Stock Company Vimpel-Communications.
The sale price for the 90% stake in Armentel was Euro 342 million implying an enterprise value of Euro 420 million for the total 100% of the company (including estimated net financial debt, tax liabilities and other liabilities of approximately Euro 40 million).
HSBC Bank plc is the financial adviser to OTE.