Deals
Deutsche Telekom South Europe Ambitions End With Cash Crunch
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Deutsche Telekom AG four years ago bought a stake in Greece’s largest phone company, promising investors growth in southeast Europe to make up for slowing sales in Germany. That offensive has now turned into a retreat.
Hellenic Telecommunications SA, also known as OTE, is selling assets in the region to stay afloat as the Greek economy is mired in its fifth year of recession with unemployment at 21 percent. After the disposal of a 20 percent stake in Serbia’s former telecommunications monopoly this year, OTE is now looking for a buyer for its Bulgarian business.