Antenna-Blackstone consortium close to deal to buy Forthnet - report

News Broadband Greece 1 JUL 2019
Antenna-Blackstone consortium close to deal to buy Forthnet - report

A consortium of Antenna Group and Blackstone is close to reaching a deal to acquire Greek pay-TV and broadband operator Forthnet, reports Capital.gr. The consortium started due diligence in late May, after Forthnet's shareholders were unable to reach an agreement with the Vodafone-Wind consortium. 

Capital's sources said the due diligence had advanced well, supported by the company's cooperation in providing data. Blackstone executives are expected to come to Athens soon to meet with Antenna management, Forthnet and advisers, and a final proposal could be agreed in July.

Forthnet was put up for sale over a year ago after its creditor banks took control of the company. In addition to several large banks, shareholders include Vodafone Greece and Wind Hellas. Broadcaster Antenna is likely to be interested in Forthnet's pay-TV business Nova and could decide to separate the telecom activities. 

The company held its general shareholders meeting on 28 June. Shareholders notably did not approve the variable remuneration for the CEO for 2018. All other items on the agenda were passed. 

Categories:

Fixed

Companies:

Vodafone,  Forthnet

Countries:

Greece

Tags:

M&A buyouts & divestments

Related Articles

FRANCE 8 OKT 2019

Equity firm Summit Partners to sell stake in Sipartech to Blackstone

French-based dark fibre provider Sipartech announced that one of its minority shareholders, equity firm Summit Partners, will be replaced by fund manager Blackstone Tactical Opportunities, in a deal that is expected to close in late 2019. The transaction is subject to regulatory approval and financial terms have not been disclosed.

GREECE 27 SEP 2019

Forthnet revenues fall 7.5% to EUR 133.5 mln in H1

Forthnet saw its revenues for H1 fall 7.5 percent year-on-year to EUR 133.5 million, mainly due to the decrease in its retail customer base. Compared to last year's period, total revenue from corporate clients was unchanged, while the decrease in 'Other' revenues is due to last year's inclusion of the proceeds of a subsidiary sold in the second half of 2018.

GREECE 19 JUL 2019

Wind Hellas runs first 5G pilot mobile network in Kalamata

Wind Hellas is running the first 5G pilot mobile network in Kalamata as a first step for the advent of 5G in Greece. Kalamata becomes the first city in the country to experience the potential of 5G as the Wind pilot network covers the central square of the city and points of interest such as the Town Hall, the Cultural Center, the Kalamata Dance Hall, and Filoxenia Hotel.

GREECE 17 JUL 2019

Forthnet changes names of some tariff plans

Forthnet changed the commercial distribution name of some of its residential and professional programmes, effective from 16 July. On the residential segment, the Nova ADSL 24 service was renamed Nova Internet 24, Nova VDSL 50 service became Nova Internet 50, while the additional service Nova VDSL (up to 50Mbps) was renamed Internet 50. On the corporate segment, the additional Nova VDSL service of up to 50Mbps was renamed Internet 50.

EUROPE 8 JUL 2019

Last week in telecoms: takeovers of KCom and Forthnet progressing, Tele Columbus makes a recovery

The Telecompaper Stock Index European Telecoms Services was up 1.8 percent in week 27, narrowly beating the EuroStoxx 50 index (+1.6%). Ahead of the Q2 earnings season the news flow was mainly limited to a number of mergers progressing. A diverse set of shares made the biggest gains: Greek challenger Forthnet (+16%), German cableco Tele Columbus (+13%), satellite operator Intelsat (+9.9%) and Spanish convergence operator MasMovil (+8.7%). Forthnet, a penny stock, is closing in on doubling its share price ye

GREECE 28 JUN 2019

Forthnet enters MVNO deal with Vodafone Greece

Greek operator Forthnet entered into a MVNO agreement with Vodafone Greece. Forthnet will have wholesale access to Vodafone's radio network to offer mobile voice and data services as a MVNO. The deal runs four years from the commercial launch of the services. Forthnet said it plans to start mobile services in Q1 2020. 

GREECE 26 APR 2019

Forthnet revenues slide 4% to EUR 285 mln in 2018

Forthnet saw its total revenues for 2018 fall 4 percent to EUR 285.2 million in 2018. Revenue from advertising improved by 14.0 percent as a result of the continuously upgraded content of Nova's TV programme. Revenue from corporate customers increased by 5.9 percent. EBITDA reached EUR 42.3 million, up by 5.3 percent compared to 2017 due to strict adherence to the company's operational restructuring plan, while EBITDA margin rose 1.3 percent to 14.8 percent in 2018.

GREECE 11 APR 2019

Tunisian State controls 14.4% of Forthnet's voting rights

Forthnet said the Tunisian state indirectly controls 24.888 million voting rights following the conversion of convertible bonds issued by the company into new shares and their admittance for trading in the Athens Stock Exchange. The Tunisian state's voting rights now represent 14.421 percent of the total amount of the company's voting rights. The North-African state controls Tunisia Telecom, TT ML and Go.

GREECE 5 APR 2019

Forthnet bondholders convert more debt to shares

Forthnet said 8.723 million new common shares with a nominal value of EUR 0.30 each were admitted for trading in the Athens Stock Exchange on 08 April. The new shares resulted from the company's share capital increase by EUR 2.617 million further to the conversion of 8.723 million convertible bonds at a price EUR 0.30 per bond, from the existing convertible bond issued by the company in 2016.

GREECE 11 DEC 2018

Vodafone-Wind consortium named preferred bidder for Forthnet - report

The shareholders of Greek operator Forthnet have invited the Vodafone-Wind consortium to start exclusive negotiations on acquiring Forthnet, writes Capital.gr. The companies already hold a minority stake in Forthnet and were seen as making the best of two offers received in the tender for the company, sources involved in the tender said. 

GREECE 7 DEC 2018

ANT1 seen as preferred bidder to acquire Forthnet - report

The Antenna group is the preferred bidder to acquire Greek operator Forthnet, people familiar with the matter told Kathimerini. The owner of the leading TV channel ANT1 is favoured over the consortium of Vodafone and Wind Hellas by Forthnet's creditor banks managing the sale and the government, the report said. 

GREECE 3 OKT 2018

Forthnet bids due by 19 October - report

The deadline for binding bids for Greek operator Forthnet is 19 October, writes local publication Capital.gr citing market sources. Investors who have gone through the second stage of the competition organised by Nomura International on behalf of creditor banks have completed their due diligence and are preparing their bids.

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.