ForthNet completes capital increase; Vodafone gains 7% stake?

According to sources quoted by Greek newspaper Ekathimerini, cellco Vodafone Greece has acquired a 7% stake in alternative broadband operator ForthNet via the latter’s recently completed EUR29 million (USD39.5 million) share capital increase, which effectively averted the possibility of full-service Greek operator Wind Hellas acquiring a controlling stake in ForthNet. Wind Hellas reportedly holds 33% of ForthNet following the rights issue, in which ForthNet’s Middle Eastern controlling shareholder Emirates International Telecommunications (EIT), in partnership with its Maltese subsidiary GO, raised its stake to above 44% via holding vehicle Forgendo. Vodafone has not yet confirmed its reported stake purchase in the ForthNet rights issue, which was 2.2 times oversubscribed.