Other transactions that had no effect on the composition of the Group
OTE share buy-back
The extraordinary shareholders’ meeting of OTE S.A. on January 18, 2022 resolved to retire 8,638,512 treasury shares, which had been acquired as part of a share buy-back program, with a corresponding capital reduction of around EUR 24 million. The shares were retired from the Athens Stock Exchange on February 22, 2022. As a result, Deutsche Telekom’s share in OTE increased from 48.29 % to 49.22 %.
The shareholders’ meeting of OTE S.A. on May 25, 2022 resolved to retire another 5,617,282 treasury shares, which had been acquired as part of a share buy-back program, with a corresponding capital reduction of around EUR 16 million. The shares were retired from the Athens Stock Exchange on July 12, 2022. As a result, Deutsche Telekom’s share in OTE increased from 49.22 % to 49.85 % as of July 12, 2022.
Increase of the stake in T‑Mobile US
In keeping with the declared strategic goal of securing control of T‑Mobile US in the long term, on April 12, 2022, Deutsche Telekom acquired a total of around 21.2 million additional T‑Mobile US shares from SoftBank for a purchase price of USD 2.4 billion (EUR 2.2 billion). To this end, Deutsche Telekom exercised a further portion of the stock options it had received from SoftBank in June 2020 to purchase shares in T‑Mobile US. This gives a weighted average price of around USD 113 per T‑Mobile US share. Upon its completion, the transaction increased Deutsche Telekom’s stake in T‑Mobile US by 1.7 percentage points. The fair value of the consideration transferred (within the meaning of the IFRSs) amounts to EUR 2.7 billion and comprises a cash payment of EUR 2.2 billion and the fair value of the exercised stock options at the time of exercising of EUR 0.5 billion. The acquisition was made using cash proceeds from the sale of T‑Mobile Netherlands.
For the presentation of the effects in connection with the partial exercise and subsequent measurement of the stock options, please refer to the sections “Shareholders’ equity,” “Other financial assets,” and “Disclosures on financial instruments.”
Share buy-back program at T‑Mobile US
On September 8, 2022, T‑Mobile US announced that its Board of Directors has authorized a share buy-back program for up to USD 14.0 billion of the company’s common stock through September 30, 2023. Repurchases are expected to be made from available cash on hand and proceeds of one or more debt issuances or other borrowings, based on the company’s evaluation of market conditions and other factors. The specific timing, price, and size of repurchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchases may comprise a volume of up to USD 3.0 billion through the remainder of 2022. By September 30, 2022, T‑Mobile US had bought back around 4.9 million shares with a total volume of USD 0.7 billion (EUR 0.7 billion) under this program.
As of September 30, 2022, Deutsche Telekom’s stake in T‑Mobile US amounted to 48.2 %. Taking the treasury shares held by T‑Mobile US into account, Deutsche Telekom had a 48.4 % stake in T‑Mobile US as of September 30, 2022. The percentage of T‑Mobile US shares for which Deutsche Telekom can exercise voting rights, based on an agreement concluded with SoftBank in connection with the acquisition of Sprint, amounted to 52.0 % as of September 30, 2022.
In the period from October 1, 2022 to October 20, 2022, T‑Mobile US bought back around 6.0 million additional shares with a total volume of USD 0.8 billion (EUR 0.8 billion) under the share buy-back program.