Hrvatski Telekom (Reuters: HT.ZA; Bloomberg: HTRA CZ), Croatian leading telecommunications services provider, announces that today, on 29 July 2016, it has submitted to the Croatian Competition Agency a request to prolong the temporary management of the company Optima Telekom d.d. for an additional three-year period.
We would like to recall that on 19 March 2014, the Croatian Competition Agency approved the concentration of HT and OT – Optima Telekom d.d. (hereinafter: Optima) for a limited four-year period until 9 July 2018.
Optima’s Management Board has adopted a strategic decision on the merger of H1 TELEKOM d.d. with Optima in order to achieve positive synergies among the companies and to increase Optima’s value for its existing and new shareholders (previous H1 shareholders). Accordingly, on 29 July 2016, Optima submitted to the Croatian Competition Agency an Application for Intended Concentration.
Following the aforementioned change in circumstances, HT has submitted a request to prolong the temporary management of Optima until 2021.
H1’s merger with Optima aimed at achieving high synergies between the two companies, but also including synergies with HT, will allow for the fulfilment of the obligations arising from pre-bankruptcy settlements and towards H1 and Optima’s creditors. Financial, organisational, and legal consolidation of H1 and Optima in combination with HT’s prolonged management will ensure business continuity for these two companies and the fulfilment of obligations towards their customers, employees, and creditors