Banks increase Forthnet stake

7 Feb 2019

The four banks which have held a 32.7% stake in Greek telco Forthnet (Nova) since November 2017 – Piraeus Bank, National Bank, Alpha Bank and Attica Bank – have reportedly increased their collective stake to around 36%, after the company issued a number of common nominal convertible bonds. As per an announcement to shareholders, the most recent conversion period expired on 30 January 2019.

It remains to be seen how the adjusted shareholding will impact on the banks’ attempt to sell Forthnet. In October 2018 a consortium comprising domestic telcos Wind Hellas and Vodafone submitted a formal offer to acquire the telco, with a rival offer submitted by Antenna Group. While the banks are understood to favour the Wind-Vodafone offer, further negotiations are now likely to be required.

Greece, Nova (formerly Forthnet)