Vodafone/Wind confirmed as Forthnet bidders

30 Oct 2018

Reports from Greece suggest that at least one firm bid has been entered to acquire a stake in ISP and pay-TV provider Forthnet, though a second offer remains unconfirmed. Capital writes that a consortium comprising telcos Wind Hellas and Vodafone submitted a formal offer ahead of last week’s bidding deadline, though it is not certain whether a rival bid was entered by Antenna Group, which is thought to have filed bonds with a bank to guarantee its involvement in the sale process.

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 the ISP’s bonds to shares. They immediately appointed Nomura International of Japan as an advisor to help find a strategic investor to buy up their joint interest in the telco. The banks are expected to evaluate the bids over the next two weeks before entering negotiations with the prospective buyers.

Forthnet offers internet and pay-TV services under the Nova brand, while business services are marketed under its own name. It had 672,000 unique households taking its services at the end of June 2018, with 556,000 broadband customers and 396,000 pay-TV users.

Greece, Nova (formerly Forthnet), Vodafone Greece, Wind Hellas