Forthnet deal expected within a month

5 Nov 2019

A deal which will see Greek media group Alter Ego take a stake in domestic telco Forthnet should be completed within a month, local press reports suggest. Real.gr writes that Alter Ego – which is controlled by Vangelis Marinakis – will acquire a 32% stake in Forthnet for a purchase price of around EUR42 million (USD46.8 million) from a group of banks. Alter Ego will also contribute between EUR25 million-EUR30 million for a share capital increase, while reducing the banks’ debt requirements by 80%. The banking consortium – which includes Piraeus Bank, National Bank, Alpha Bank and Attica Bank – will retain a 15% interest in the telco once the deal is finalised.

Greece, Forthnet (Nova)