Αthens, November 30, 2007 - Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announced today the signing of a definitive agreement with Rhone Capital LLC and Zarkona Trading Limited for the sale of 100% of INFOTE, its classified directory information subsidiary. The total value of the transaction is euro 300 million. The closing of the transaction is not subject to any regulatory or other approvals and is expected to occur before the end of 2007.
Commenting on the signing of the definitive agreement, Mr. Panagis Vourloumis, Chairman and CEO of OTE, said: "We are pleased to announce today the conclusion of the sale process for INFOTE. This transaction represents another step forward in the strategy of OTE to focus on its core business activities and divest of assets of a lesser strategic importance for the long term future of OTE."
Rhone is an international private equity firm with offices in London, Paris and New York. Zarkona is a corporate vehicle established for the purposes of participating in acquisitions of businesses in Greece and the pan-Balkan region. Rhone and Zarkona will own 85% and 15%, respectively, in INFOTE post closing of the transaction.
UBS Investment Bank acted as exclusive financial adviser to OTE.