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New partners for Greece’s Forthnet February 4, 2008

Posted by grhomeboy in Business & Economy, Internet & Web, Telecoms.
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GO plc and Emirates International Telecommunications Malta Limited (EITML) said that they have acquired about 21 percent of Greek alternative telecom and ISP Forthnet for 93.8 million euros.

GO and EITML decided to acquire all the shares of Cypriot-registered company Forgendo, which had in turn agreed with Forthnet shareholders – Novator Equities, Cycladic Catalyst Master Fund, and the Foundation of Research and Technology – to acquire a total of 8,158,912 shares at 11.5 euros per share.

Novator sold its entire 10.12 percent stake, Cycladic sold all of its 5.73 percent stake and the Foundation sold 5.15 percent stake of its 11.36 percent holding in Forthnet to Forgendo. The transaction is subject to Greek regulatory approvals.

Last week, Forthnet, which is listed on the Athens Stock Exchange, closed 0.2 percent lower at 9.5 euros, implying that GO and EITML have paid a 21 percent premium for the 21 percent holding. GO plc is 60 percent owned by the parent company of EITML, Dubai Holdings LLC.

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