Third bidder emerges for Forthnet

27 Apr 2020

Reports from Greece suggest that there are now three suitors for local telco and pay-TV provider Forthnet, which offers services under the Nova brand. Earlier reports had linked UK investment group Duet Private Equity and Amsterdam-based United Group as potential buyers of a majority stake in Forthnet.

Kathimerini writes that these two have now been joined by Antenna Group, which has a portfolio of TV, radio and media operations covering Greece, Cyprus, Romania, Serbia and Montenegro. Antenna, which is owned by the Kyriakou family, had been linked as a buyer of Forthnet last year, but its bid collapsed.

The Forthnet stake of around 36% is being offered by a group of four Greek banks. One bank source is quoted as saying that discussions with bidders will begin next week, and that the deal is expected to move ‘at high speed’. Duet is thought to have made an offer of around EUR41 million (USD44 million).

Greece, Forthnet (Nova), United Group