Lannet to buy Telepassport, Intracom exits ForthNet

3 Feb 2006

Telecoms equipment vendor Intracom yesterday sold its 24.88% stake in Greek alternative telco ForthNet, after abandoning a plan to gain majority control of the operator. Icelandic investment fund Novator, in partnership with a Greek fund managed by Cycladic Capital Management snapped up the stake at EUR8.35 per share. Elsewhere, another Greek alternative operator, Lannet, submitted a EUR35 million (USD42.2 million) offer for 100% of domestic rival telco Telepassport Hellas. Lannet’s bid is so far the only offer received, and if successful would approximately double its share of Greece’s fixed line market, where around ten companies compete with former monopoly Hellenic Telecommunications Organisation (OTE).

Greece, Forthnet (Nova), Lannet (incl. Columbia Telecom), Telepassport Hellas