Deutsche Telekom, OTE to Invest Over 3 Billion Euros in Greece

Deutsche Telekom and the Hellenic Telecommunications Organization (OTE) announced on Wednesday their intention to invest more than 3 billion euros ($3.4 billion) in Greece from 2022 to 2027.

The decision, which is one of the largest investments ever made by a private company in the field of telecommunications in Greece, was confirmed during a meeting of Deutsche Telekom and OTE executives with Greek PM Kyriakos Mitsotakis.

Formerly a state-owned monopoly, OTE’s privatization started in 1996 and it is now listed on the Athens and London Stock Exchanges. Today, the OTE Group employs about 13,000 people in Greece and approximately 20,000 in total. Since July 2009 Deutsche Telekom has been the largest shareholder of the company.

The investment will contribute to Greece’s digital transformation

These investments, which contribute significantly to Greece’s digital transformation in its quest to become a pioneer at the European level, will help the company implement the program for the fixed network. They will bring optical fiber connections to 3 million homes and businesses, will upgrade the speed for free fixed broadband internet for its subscribers greatly increasing the penetration of ultra-high speeds.

“The decision taken by the Board of Directors of Deutsche Telekom is a vote of confidence in the country. It is a vote of confidence in your excellent local team and in OTE. But I also believe that it is a vote of confidence in our policies that are encouraging digitization at a much faster pace and making Greece a pioneer at the European level. We have discussed many times the opportunities offered by Greece as a country that can lead the digital transformation,” Mitsotakis noted.

“After the pandemic, many people have decided that Greece is a great place to work. But to make Greece even more attractive, we need good connectivity, with the widest possible population coverage, at the best possible prices in order to be competitive on this front. I believe that your decision really helps us to move in this direction,” Mitsotakis added.

Deutsche Telekom: a vote of confidence in Greece’s growth prospects

The president and CEO of OTE Group, Michalis Tsamaz, said: “We respond to the real needs of the state, society and the market, building today the network, on which growth will be based in the coming decades and upgrading speeds for our customers free of charge.”

In addition to the other significant benefits, these investments will accelerate the country’s digital transformation and contribute to achieving its goals, as set out in the Digital Transformation Book and the National Broadband Plan.

The head of Deutsche Telekom, Tim Hoettges, stated, among other things, that “with the FTTH rapid development strategic plan, we strongly support the vision for the digital transformation of the country and give a vote of confidence in its growth prospects. Deutsche Telekom’s investment in Greece is of strategic importance to us. Especially in recent years, the country has made great progress in all areas, proving that it is among the most advanced countries in Europe.”