OTE eyes bid for Forthnet - report

News Video Greece 25 JUN 2014
OTE eyes bid for Forthnet - report

OTE is preparing a takeover bid for Forthnet, owner of pay-TV platform Nova, Ekathimerini reports. Addressing OTE's general meeting, CEO Michalis Tsamaz said that OTE is "assessing the situation" at Forthnet and "is conducting the necessary contacts". According to the paper, this confirms reports that OTE is in talks with a foreign lender in order to make a bid for Forthnet, in which rivals Vodafone and Wind Hellas already have minority stakes. However, Forthnet said in a statement to the stock market that it was not in negotiations with OTE. 

Tsamaz said that the local telecoms market is in need of further concentration and that he expects just two or three robust players to remain. Forthnet would help OTE quickly grow its TV base while also eliminating a competitor on the broadband market. Forthnet is controlled by Emirates Telecommunications International, which has repeatedly injected capital in the Greek operator in an effort to stem losses. 

Categories:

Video,  Internet

Companies:

Vodafone,  OTE,  Forthnet,  Wind Hellas,  Nova

Countries:

Greece

Tags:

Internet Access, M&A buyouts & divestments

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