The deal has yet to be finalised, but price and other key elements of the proposed agreement have been approved.
The sale by OTE comes as a result of the company’s need to cut debts following the recession in Greece.
The Serbian government has been keen to regain 100% ownership of its operations in order to consolidate control and attract future investors.
In April, the Serbian government rejected a €960 million offer from Telekom Austria for a 51% share in the company, saying it would accept no compromise on the original €1.4 billion asking price. The rejection was in spite of a commitment by Telekom Austria to invest a further €450 million in the operator over a period to improve its antiquated infrastructure. No further offers from Telekom Austria or other parties were made.
