Wind and Vodafone to submit binding bid for Forthnet in Q1 2015

19 Dec 2014

A joint binding bid for Greek alternative broadband operator Forthnet will be launched after the Christmas period by UK-based Vodafone Group and full-service Greek operator Wind Hellas, reports Ekathimerini. Wind and Vodafone, which already own equal 19.75% stakes in Forthnet, submitted a joint non-binding proposal in July this year to acquire all shares in the broadband provider – divided up as 50% each. According to Wind CEO Nassos Zarkalis, the due diligence of Forthnet will soon be completed and while there have been delays in proceedings, it is his opinion that the market ‘demands further concentration’ and as such, the joint bid ‘remains intact’. Incumbent broadband provider Hellenic Telecommunications Organisation (OTE) is thought to be holding off from bidding for Forthnet’s pay-TV ‘Nova’ unit until it can gauge political developments.