Following on from the news last week that Amsterdam-based United Group had agreed deals to increase its stake in Greek telco and pay-TV provider Forthnet to almost 80%, the parent says the Greek firm is now officially part of the group. By year-end, after United Group completes the conversion of the Forthnet convertible debt it holds, its stake will rise to approximately 85%. Under Greek regulations, United Group has triggered the minimum mandatory tender offer (MTO) requirements and is expected to launch an offer, which should be completed in Q1 2021. If United Group acquires at least 90% of the ordinary shares of Forthnet at the completion of the MTO, it will be able to squeeze out any remaining shareholders to take 100% ownership.
Victoriya Boklag, Chief Executive Officer of United Group, commented: ‘I’m pleased to welcome our colleagues from Forthnet to the United Group family. We have ambitious plans for the company that will be implemented with the new management team. Forthnet’s Nova brand is well established in Greece and we see a lot of potential for the business.’