ECONOMY

Globul goes up for sale

OTE telecom is going ahead with the sale of Globul, its Bulgarian subsidiary, as it has been announced that Britain?s Citigroup has been commissioned to act as a consultant in the transaction.

The Bulgarian phone services provider is expected to fetch the Greek telecom giant some 800 million euros.

Bulgarian reports said that among Globul?s suitors are Turkey?s Turkcell, Britain?s Vodafone and France?s Orange.

Should the sale come to a successful conclusion, it will plug OTE?s worrying funding gap. By August 2013 it must repay some 3.1 billion euros, while its cash reserves currently amount to no more than 1.4 billion euros.

OTE is also set to proceed with the sale of HellasSat, the company managing the Greek telecom satellite of the same name.