Bidding Deadline for Globul Extended by Month

Bidding Deadline for Globul Extended by Month

Greek telecom operator Hellenic Telecommunications Organisation (OTE) has extended the deadline for submitting bids for the sale of its Bulgarian unit Globul by a month, Reuters reported.

Turk Telekom, mobile phone operator Turkcell, Norway's Telenor, and Deutsche Telekom, which holds 40% stake in OTE, have expressed interest in the deal, expected to fetch some 700 million euro ($906 million), Reuters reported quoting unnamed sources.

The four telecoms were expected to file binding offers by March 18 but as both OTE and the bidders needed more time to prepare legal documents, the date has been pushed forward to April 18.

Earlier this month, OTE announced it may reconsider its plans to sell Bulgarian wireless operator as the problem with the refinancing of its debt, which imposed the transfer, has been mostly resolved. The sale procedure, however, has not been stopped.

Globul accounts for some 7.0% of OTE's sales and for some 9.0% of its earnings before interest, tax, depreciation and amortisation (EBITDA).

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