Deutsche Telekom agrees to buy 5 percent stake in Greece's OTE

Deutsche Telekom has exercised its right of first refusal and will pay 284.05 million euros ($348.87 million) to acquire a 5 percent stake in Greece's biggest telecom operator OTE, the Greek privatization agency (HRADF) said on Wednesday.

OTE, the former national monopoly, is 40 percent owned and managed by Deutsche Telekom. Greece launched a tender to sell a 5 percent stake in OTE last month as part of its international bailout.

HRADF said last week it did not receive any bids for the sale of the stake in OTE and has invited Deutsche Telekom to exercise its right of first refusal to buy the shares. [Reuters]