Telemach Hrvatska d.o.o. signed an agreement to acquire a 54.31% stake in OT-Optima Telekom d.d. (ZGSE:OPTE) from Zagrebacka banka d.d. (ZGSE:ZABA) and HT Holding drustvo s ogranicenom odgovornoscu za usluge for an enterprise value of approximately HRK 640 million on July 9, 2021. Under the term, the consideration will be paid on a debt free, cash free basis. Zagrebacka banka and HT Holding will transfer 36.9% and 17.41% stake of Optima Telekom respectively. The transaction is subject to the contingent on a change in Croatia's Electronic Media Act, which now prohibits vertical integration between pay-TV broadcasters and distributors, regulatory approvals, relevant competition authorities and other agreed contractual conditions and is expected by the end of 2021. On December 22, 2022, the Competition authority has approved its acquisition.

Credit Suisse (Deutschland) AG acted as a financial advisor to Zagrebacka banka and Hrvatski Telekom d.d. (ZGSE : HT), the parent company of HT Holding. KPMG Croatia d.o.o, Investment Banking Arm acted as financial advisor for the parents of Zagrebacka banka d.d. and HT Holding drustvo s ogranicenom odgovornoscu za usluge.