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OTE to sell Bulgarian units to help refinance debt

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OTE to sell Bulgarian units to help refinance debt

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As austerity measures hit its domestic customers, Greek telecoms group OTE says it wants to sell its Bulgarian businesses – a mobile phone company and an electronic appliance retail chain.

The money raised would help the biggest telecoms operator in southeastern Europe to refinance its almost three and a half billion euros of debt.

In Bulgaria, OTE controls Globul, the country’s second-biggest mobile operator with a market share of 36 percent and a customer base of 4.3 million people

OTE, which is 40 percent-owned by Deutsche Telecom, also recently sold its stake in the Serbian phone company.