OTE's Cosmote Acquires 97.6% Stake in Mobile Giant AMC

Cosmote, wholly owned by Greek incumbent OTE, has acquired an additional 12.6 percent stake in Albania Mobile Communication (AMC). The deal is worth EUR 48.2 million and raises Cosmote's stake in the company to 97.6 percent.

The transaction was made with the state of Albania for the shares, outbidding Nexus Private Equity Partners, Bedminster Capital Management and Axos Capital.

This development comes after Cosmote bought an 85 percent stake in AMC in July 2000 for EUR 67 million.

Albania Mobile Communication (www.amc.al)
AMC was the first mobile telecommunications company in Albania to launch a signal service. After privatization in 2000, the firm now operates in five countries in South Eastern Europe. Starting with only 15,000 clients, the company has grown to the largest in the country with 1.31 million subscribers. The signal reaches approximately 98.5 percent of the Albanian population.

The company employs over 500 people, making it the second-largest employer in the country. In the third quarter of 2008, AMC reported a revenue of EUR 144.7 million. AMC also has a strong support for community activities such as sports, art and social development.

Hellenic Telecommunications Organization (www.ote.gr)
Hellenic Telecommunications Organization (OTE) was founded in October 1949 and has become the largest telecommunications operator in Greece. The company trades on the Athens Stock Exchange as well as the New York and London exchanges.

The Greek government and Deutsche Telekom both hold a 25 percent stake in OTE after an agreement in November 2008. The company offers products and services that range from broadband to fixed and mobile telephony.

It also features Internet access with high-speed data communications and satellite and land-line services. The company employs over 30,000 people and operates in six countries: Albania, Bulgaria, Macedonia, Greece, Romania and Serbia. The company controls a 100 percent stake in Cosmote.