Four bidders linked with stake in Greek operator Forthnet

By:
James Pearce
Published on:

Vodafone Greece and Wind Hellas among names reportedly looking at acquiring a 32.7% share of Greek operator Forthnet from the country's four biggest banks

Vodafone Greece and Wind Hellas are two of four names reportedly interested in buy a stake Forthnet as Greek banks have authorised Japanese firm Nomura International to seek new investors in the Greek operator.

Greece’s four main banks have become Forthnet’s main shareholders, assuming a 32.7% stake in the debt-ridden pay-TV provider, and are now looking for investors.

Alpha Bank, National Bank of Greece, Attica Bank and Piraeus Bank hired Nomura to launch a formal process inviting bidders for the banks debt and equity holding, with Vodafone Greece and Wind Hellas, along with two private equity funds, all expressing interest, according to local publication Ekathimerini.com.

The banks are looking to complete the process before the end of the year, according to the report which cites a source close to the process.

Forthnet – owner of the Nova satellite TV platform – faces having the banks securitise the company’s entire convertible debt and taking control of over 90% of shares should Nomura fail to find an investor.