Intracom eyeing new telecoms targets

13 Dec 2005

Greek investment firm Intracom says it is in negotiations to acquire an unnamed telecoms operator after losing control of local alternative telco ForthNet. Last month Icelandic venture capital group Novator Equities paid an estimated USD7.5 million for an additional 4.2% stake in ForthNet to make it the majority shareholder in the telco with a 26.3% stake, ahead of Intracom with 22.99%. Intracom failed in its attempts to raise its own stake with a public offer shortly afterwards and now appears to be resigned to looking elsewhere.

Meanwhile, it is believed that Russian group Sistema is looking to take a 30%-35% stake in Intracom, with a deal to be announced later this month.

Greece, Forthnet (Nova)