FRANKFURT: German telecoms giant Deutsche Telekom said on Monday it will acquire the 39 percent it does not already own in its Czech subsidiary for 800 million euros or $1.1 billion.
"Deutsche Telekom is acquiring the remaining 39.23-percent stake of T-Mobile Czech Republic for a purchase price of 0.8 billion euros," the group said in a statement.
The shares are currently owned by a consortium of investors led by funds managed or advised by private equity group Mid Europa Partners.
The move was a "natural step towards optimizing our portfolio and supports our transformation into the leading integrated Pan-European operator," said board member Claudia Nemat.
"The Czech Republic is an important market for Deutsche Telekom due to its size and structure," Nemat added. (AFP)