Deadline for Forthnet bids set for 19 October

4 Oct 2018

The deadline for binding bids to acquire a majority stake in Greek ISP Forthnet has been set for 19 October. According to a report from Capital, potential investors which made it through to the second stage of bidding have now completed due diligence and are preparing their final offers.

TeleGeography’s GlobalComms Database notes that in November 2017 a group of four Greek banks, including Piraeus Bank, National Bank and Alpha Bank, took a combined 32.7% stake in Forthnet after converting Forthnet bonds to shares. They immediately appointed Nomura International of Japan as an advisor to help find a strategic investor to buy up their interest in the telco. Forthnet offers internet and pay-TV services under the Nova brand, while business services are marketed under its own name.

Greece, Forthnet (Nova)