OTE Group proceeded with the sale of its maritime communications subsidiary, Otesat – Maritel, to the related company, Orbyt Global.
As the transaction, which was completed on Monday, is small for the size of OTE, no details were announced.
Based on the financial data of Otesat – Maritel (OTE owns and specifically sold 94.09%), the price is close to 10 million euros.
The turnover of Otesat – Maritel was 23.37 million last year compared to 23.77 in 2022 and profits before taxes stood at 609,03 thousand against 1,294 thousand in 2022.
Orbyt Global is a maritime communications company with 25 years of experience operating worldwide. It maintains offices in Greece, Germany and Singapore.
Maritime communications are a sector, like many others, which are currently being transformed due to the development of technologies.
Therefore, OTE Group would need to make investments in order to maintain the subsidiary, which was apparently judged not to be in the interest of the Group which is focused on the development of fiber optic networks to homes and businesses and 5G.
