Vodafone extends option on Forthnet shares

Vodafone has extended its option to buy more shares in Greek operator Forthnet from Wind Hellas. The companies first announced an agreement in June 2014 giving Vodafone a one-year option on a 13.25 percent stake in Forthnet held by Wind Hellas. Forthnet announced that the option has now been extended to 18 months. If exercised, this would raise Vodafone Greece's stake in Forthnet to 19.75 percent. Vodafone first acquired 6.5 percent in Forthnet in January 2014, while Wind Hellas holds 33 percent in Forthnet. Last July Vodafone and Wind made a joint offer to acquire Forthnet. Wind said at the end of last year that they expected to complete due diligence soon, but no further details on the bid have been announced since then.

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Vodafone extends option on Forthnet shares

Vodafone Greece has extended its option to buy shares in broadband and pay-TV provider Forthnet from Wind Hellas. Vodafone took in June 2014 a one-year option on a 13.25 percent stake in Forthnet held by Wind Hellas. The period to exercise the option was later extended to 18 months and has now been extended to 24 months, Forthnet announced. If exercised, this would raise Vodafone Greece's stake in Forthnet to 19.75 percent. Vodafone first acquired 6.5 percent in Forthnet in January 2014, while Wind Hellas h

Forthnet loses customers, revenues fall 8% in Q2

Greek operator Forthnet reported a further fall in adjusted EBITDA in the second quarter, down 10.4 percent year-on-year to EUR 14.6 million. Revenues declined 8.1 percent to EUR 90.8 million, hurt by cuts to fixed termination rates and reduced consumer spending. Despite the difficult macroeconomic conditions, the broadband and pay-TV provider grew its customer base on an annual basis. Total subscriptions were up 2.0 percent year-on-year to 1.173 million at the end of June. The pay-TV service Nova was the m

Forthnet AGM approves no dividend for 2014

Nearly half of shares represented at Greek operator Forthnet's AGM abstained from voting for resolutions discharging management and approving management's remuneration. According to a statement from the company, 44.4 percent of shares represented abstained from voting on the discharge resolution for the 2014 accounts, and the same number abstained from voting for the resolution approving compensation and performance-related incentives for top executives. The other resolutions on the agenda, including the pa

Wind Hellas, Vodafone plan Forthnet bid in new year

Wind Hellas and Vodafone expect to make a joint bid for Forthnet in the new year. Wind Hellas CEO Nassos Zarkalis said the companies will soon complete due diligence on Forthnet and expect to make an offer after the holidays, Kathimerini reported. The two mobile operators first announced in July plans for a 50-50 bid for the broadband and pay-TV provider. Forthnet said in November it was still considering the offer, as well as a separate bid from Greek incumbent OTE for its pay-TV business Nova alone. Zarka

Forthnet still considering OTE, Vodafone/Wind offers

Greek operator Forthnet is still considering rival acquisition offers from OTE and a consortium of Vodafone and Wind Hellas, according to a statement from Forthnet shareholder Go. In a trading statement, Go said Forthnet's management "is currently evaluating both of these avenues". On its own results in Malta, Go did not disclose any figures, but said it maintained market share, stable revenues, healthy levels of profitability and cash generation in the third quarter. The operator continues to pursue cost r

Vodafone, Wind Hellas make joint bid for Forthnet

Vodafone and Wind Hellas have made a joint bid to acquire rival Forthnet in Greece. Both already have minority stakes in the company, while Greek incumbent OTE recently confirmed it was in talks to buy Forthnet's pay-TV business. The Vodafone-Wind bid is worth EUR 1.70-1.90 per share, subject to due diligence, Forthnet said. That compares to a closing price of EUR 1.70 the day before their interest was announced. Forthnet also said that there has been no further developments in OTE's interest in the Nova TV

Vodafone agrees option to raise Forthnet stake

Vodafone has acquired an option to raise its stake in Greek broadband and TV operator Forthnet. The option is to buy a 13.25 percent stake in Forthnet from Wind Hellas, within a year of the date of the agreement, 06 June. No price for the acquisition was announced. This would raise Vodafone Greece's stake in Forthnet to 19.75 percent. Vodafone first acquired 6.5 percent in Forthnet in January. Wind Hellas currently holds 33 percent in Forthnet. According to local press reports, Vodafone and Wind are hoping

Vodafone extends option on Forthnet shares

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