Alter Ego withdraws Forthnet offer

13 Mar 2020

Greek media and sports group Alter Ego has withdrawn its offer to acquire a stake in broadband and pay-TV firm Forthnet, which trades under the Nova brand. Alter Ego, led by Vangelis Marinakis, has sent a letter to creditors saying that a particular bank, which is a shareholder in Forthnet, ‘did not facilitate the deal,’ Ethnos reports. Marinakis had been looking to buy a stake of around 32% in Forthnet from a group of four banks which currently control the operator. The banking consortium – which includes Piraeus Bank, National Bank, Alpha Bank and Attica Bank – took a majority stake in the ISP in 2017 but has been looking for a buyer for some time. Minority shareholders in Forthnet include rival telcos Wind and Vodafone.

Greece, Forthnet (Nova)