Proceeds of 472 million US dollars for 24.8 percent transferred - Further contribution to debt reduction
Deutsche Telekom closed the sale of its 24.8% stake in the Philippines' telecommunications operator, Globe Telecom, to Ayala Corporation, Singapore Telecom International Pte Ltd and Globe Telecom, Inc. The aggregate purchase price of US$472 million (402 million euro) for the sale of the stake has been transferred today. The proceeds will be used for the company's debt reduction program.