Albania Telecom Invest, an investment arm of Bulgarian telecommunications company Vivacom, has agreed to purchase Telekom Albania from Greece-based rival OTE Group.
Under the pact, Albania Telecom Invest will pay approximately 50 million euros ($56.9 million) for Telekom Albania, a unit of rival Cosmote Mobile Telecommunications S.A.
With the acquisition, Albania Telecom will ensure its growth and creates the conditions to further strengthen its market position. The divestment is in line with OTE Group's priorities and growth plans.
The transaction is expected to close during the first half of this year, subject to regulatory approvals.