OTE confirms offer to buy satellite TV provider from ForthNet

1 Jul 2014

Greek full-service telco OTE confirmed this morning that it has submitted a non-binding offer of between EUR250 million and EUR300 million (USD341 million to USD410 million) to acquire Nova, the satellite (DTH) pay-TV division of alternative Greek fixed network operator ForthNet, Reuters reports. OTE, which already operates its own satellite TV service, has been in talks with ForthNet’s largest shareholder, Forgendo, which is backed by Emirates International Telecommunications, itself part of the Dubai Holding group. ‘In the event that an agreement is reached, it will be subject to clearance from competent authorities,’ OTE said, adding that it ‘sees significant growth potential for Greek pay-TV services, to the benefit of consumers.’ OTE is being advised by Barclays on the proposed deal.

Greece, Cosmote, Forthnet (Nova)