- Group holds 96.83% of the ordinary shares of Forthnet
- Squeeze out of remaining shareholders in accordance with Greek rules and regulations expected to close in May 2021
United Group, the leading provider of telecommunications services and media in Southeast Europe, announced today that it has completed a Mandatory Tender Offer (MTO) for shares of Greek telecommunications and pay-TV provider Forthnet S.A., bringing its stake in the company to 96.83% of ordinary share capital.
United Group, which is majority owned by international investment firm BC Partners, announced in June 2020 that it had agreed to acquire an initial stake of approximately 36% in Forthnet. The Group launched the MTO for Forthnet shares after triggering minimum mandatory tender offer requirements under Greek law.
In accordance with the relevant regulations, the Group intends to initiate a squeeze-out to acquire the remaining shares in Forthnet, which is expected to close in May 2021.
United Group’s entry into the Greek market was an important milestone in its European growth strategy, further cementing the Group’s position as an industry leader, with operations across eight countries in the region.
Forthnet is a provider of home entertainment and communications services in Greece, with around 1,000 employees and nearly 1.4 million revenue generating units (RGUs). Forthnet offers its customers more than 60 direct-to-home (DTH) channels via its Nova brand.
United Group has approximately 11 million customers and more than 12,500 employees. Its media arm United Media operates 45 channels and produces tens of thousands of hours of orginal content each year, making it one of Southeast Europe’s largest and most important production houses.