Orange to Buy 54% Stake in Telekom Romania

By Mauro Orru

Orange said Monday that its Romanian subsidiary Orange Romania has signed a deal to acquire a 54% stake in Telekom Romania Communications.

The French telecommunications company said it would pay 268 million euros ($318.3 million) for the stake, based on an enterprise value of EUR497 million for 100% of Telekom Romania Communications.

Orange is buying the stake from Greece's Hellenic Telecommunications Organization S.A. and said the deal is expected to be completed in the second half of 2021. The remainder of Telekom Romania is owned by the Romanian state.

"This is a significant milestone for the Romanian telecom market that will enhance its attractiveness both in terms of converged telecoms services and high quality infrastructure, while increasing competition," said Orange Romania Chief Executive Liudmila Climoc.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 09, 2020 02:32 ET (07:32 GMT)

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