Amsterdam-based United Group, which has telecoms and TV operations in southeast Europe, has completed its acquisition of a stake in Greek telco and pay-TV provider Forthnet. Shares have been bought from a group of four Greek banks: National Bank of Greece, Alpha Bank, Piraeus Bank and Attica Bank.
According to a report from Capital.gr, United Group has acquired loan receivables worth EUR281 million (USD331 million), which will be ‘cut’, all convertible bonds held by the banks (with a total capital balance of approximately EUR52 million) and all Forthnet common shares currently held by the banks. The United Group’s stake will be below the 33.3% threshold which would force it to make a mandatory public offer for the remaining shares. Other shareholders include Wind Hellas, Massar Investments and Tunisie Telecom (via GO Malta).
Forthnet, which offers services under the Nova brand as well as its own name, currently serves around 650,000 households and 40,000 businesses.