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INVESTMENTS
Cosmote To Buy 70% Stake In Cosmorom
Cosmote SA, Greece's biggest wireless company by clients, agreed to buy a 70 percent stake in Cosmorom, Romania's smallest wireless operator, as it seeks to expand its business in faster growing eastern European markets. Cosmote will pay EUR 120 million ($150 million) for new shares in Cosmorom to gain the controlling stake, the Athens-based company said in a statement. Romtelecom, the former phone monopoly that controls nearly insolvent Cosmorom, will retain a 30 percent stake. Cosmorom's debts of about EUR 200 million have been written off or settled. The Greek company wants to increase sales from international units to as much as 25 percent of total revenue by 2007 from 8 percent last year. Last month Cosmote bought wireless assets in Bulgaria and Macedonia from parent Hellenic Telecommunications Organization SA.
(30.05.2005)
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