(Telecompaper) Telenor agreed to buy OTE's Bulgarian mobile unit Globul for EUR 717 million, on a cash- and debt-free basis. The transaction is expected to be finalised in Q3, pending regulatory approval. The transaction also includes Germanos Bulgaria, the telecom retailer integrated with Globul. Globul is the second largest mobile operator in Bulgaria with 4.5 million subscribers and a market share of 36 percent. Globul has been present in Bulgaria since 2001. At the end of 2012, the company had a 36 percent subscriber market share. In 2012, Globul and Germanos Bulgaria generated revenues of EUR 378 million and EBITDA of EUR 135 million. OTE said the price is equal to an estimated six times EBITDA this year. The company will use the proceeds from the sale to reduce debt.