The shareholders of Hellenic Telecommunications Organization (OTE), the Greek telecom group which holds a minority stake in Romanian telecom operators Romtelecom and Cosmote, have approved during the extraordinary general meeting the rebranding of Romtelecom and Cosmote, which will be using the Telekom brand of Deutsche Telekom.
According to OTE’s official statement
, “special permission was granted (…) on the conclusion of a brand license agreement between affiliated companies of OTE S.A., namely Romtelecom and Cosmote Romania (Licensees) and Deutsche Telekom AG (Licensor) and the basic terms of the agreement(s) were approved.”
The extraordinary general meeting reunited 67.97 percent of the shareholders.
This would be a new step towards the Cosmote-Romtelecom merger, which has already started with the convergence of the two companies’ operations and offers.
The Romanian state owns a minority 46 percent stake in Romtelecom, and another package through the state company from Cosmote’s shares. The majority stake in the operator is owned by Greek Group OTE and Deutsche Telekom which owns a 40 percent stake in OTE. Also, Romtelecom has a 30 percent stake in sister-company Cosmote Romania.