ATHENS: Greek telecoms company OTE said it had submitted a non-binding offer of €250m to €300m to acquire rival Forthnet’s pay TV operations.
OTE had been in talks with the main shareholder of its small rival Forthnet about the acquisition. The move comes weeks after its biggest domestic rival Vodafone acquired an option to increase its 6.5 percent stake in Forthnet to 19.75 percent.
Gaining control of Forthnet’s pay-TV business Nova would help either OTE or Vodafone boost their market share and squeeze more revenue from customers.
“OTE’s non-binding offer is within the range of €250m-€300m on a debt-free, cash-free basis of the Nova pay TV operations. In the event that an agreement is reached, it will be subject to clearance from competent authorities,” OTE said.
Barclays is OTE’s financial adviser on the deal. Reuters
