ECONOMY

OTE agrees on Cosmofon sale for 190 million euros

OTE telecom, Greece’s biggest phone company, said yesterday it has signed a deal to sell its mobile phone unit Cosmofon in the Former Yugoslav Republic of Macedonia (FYROM) to Slovenia’s Telekom for 190 million euros. The deal includes Germanos Telekom Skopje which runs 66 stores and is Cosmofon’s main distribution network. «We are satisfied with the successful completion of the sales procedure… and the final price,» said Michael Tsamaz, deputy managing director of Cosmote, OTE’s mobile phone unit. Analysts said the sale price was slightly above the expected price tag of 180 million euros.