OTE makes takeover bid for Nova TV

News Video Greece 1 JUL 2014
OTE makes takeover bid for Nova TV
Greek operator OTE has made a non-binding bid to acquire the pay-TV service Nova from Forthnet. OTE said the bid was worth EUR 250-300 million excluding debt and cash on hand. Forthnet confirmed the bid but did not provide further details. Its board will study the offer. 

OTE said the takeover will help it expand its pay-TV operations launched a few years ago. OTE reported 279,000 TV subscribers at the end of March, while Forthnet had a total 482,433 subscribers for Nova. Both companies have been showing double-digit growth in the TV market. The takeover would be subject to approval by competition authorities. 

Forthnet announced separately that it's merging its subsidiaries Multichoice Hellas and Forthnet Media Holdings in order to reduce costs and simplify its corporate structure. The merger of the two pay-TV units should be completed by Q3. 

Categories:

Video,  Internet

Companies:

OTE,  Forthnet,  Nova

Countries:

Greece

Tags:

M&A buyouts & divestments

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