OTE said its board approved on Thursday the draft merger agreement by absorption of its 100% subsidiary Cosmote-Mobile. 

The assets and liabilities of Cosmote will be transferred to the Absorbing Company, without an increase in the capital share of the Absorbing Company.

“The process aims at operations’ simplification and optimization, as well as more effective administration,” OTE said. 

The process is expected to be completed in January 2024.