International law firm Dechert LLP is advising Cosmote, Greece’s largest mobile network operator, on the divestiture of its mobile network operator, Cosmo Bulgaria Mobile EAD (Globul) and its telecommunications retailer, Germanos Telecom Bulgaria (Germanos) in Bulgaria to Norway’s Telenor for €717 million. The transaction is subject to relevant merger control approvals and is expected to finalize in Q3 2013.
Cosmote, the largest mobile network operator in Greece, with 7.9 million subscribers, is a fully owned subsidiary of the Hellenic Telecommunications Organization (OTE), the incumbent telecommunications provider in the country. Globul is the second largest mobile operator in Bulgaria with 4.5 million subscribers and a market share of 36 percent. In 2012, Globul and Germanos generated revenues of €378 million.
The London-based Dechert team advising Cosmote as international deal counsel is part of the firm’s Emerging Markets Corporate Group and is led by partner Simon Briggs, who is assisted by associate Michael Jarrett. Associate Daniel Hawthorne provided UK tax advice. Dechert’s Emerging Markets Corporate Group is headed by Camille Abousleiman.
