Telekom announced the other day an extensive reorganization plan involving the abolition of almost 200 managerial positions and the dismissal of a larger number of people. The president of Telekom stated that the mobile phone operator currently has low revenues and high expenses for an equally large group, and this must be corrected.
As part of the reorganization process, Telekom initiated some time ago a merger process between the divisions that offer fixed and mobile services in Romania. More precisely, Telekom Romania Mobile Communication, the division that was previously known as Cosmote, Germanos, Telemobil (formerly Zapp) and Sublight Romania will be united in a single mobile division of Telekom.
At the moment, all these companies operate under the management of Telekom, but also under their own brand, and the Germans want to change that. In order for the merger to take place, Telekom asked Cosmote Grecia to contribute to the company's capital so that the resulting value would not be negative, and this will happen.
Telekom will merge mobile service companies
The company resulting from the merger of these mobile service companies will be controlled 70% by Cosmote and 30% by Telekom. In this idea, their shareholding will not change, and Telekom hopes that the merger between them will be completed by the end of November, but of course no one can guarantee that.
Those from Telekom recapitalized the Telemobil company this year with 138 million euros, Germanos receiving 17 million euros, Telekom not having any involvement here. At the moment, Telekom Romania Mobile Communication, the main mobile services division of Telekom, is owned 70% by Cosmote and 30% by Telekom.
Cosmote also has a package of 30% of the shares of Telekom Romania Communications, this being the former Romtelecom company, where the Romanian state has 46% of the shares. Cosmote is part of the OTE Group, in which those from Deutsche Telecom, the actual Telekom company, are majority shareholders.
