– The non-binding offer submitted by OTE for Nova is within the range of 250-300 million euros
– “OTE estimates that the intended agreement will be beneficial for all parties involved and is consistent with the Group’s strategy,” it is emphasized
– Barclays is acting as OTE’s financial advisor
The Hellenic Telecommunications Organization SA submitted a non-binding offer to FORTHNET for the acquisition of NOVA's pay television activity, following approval by its Board of Directors.
The non-binding offer submitted by OTE is within the range of 250-300 million euros, adjusted depending on the cash available and debt obligations (debt free/cash free basis) of the acquired activity.
If an agreement is reached, it will be subject to the approval of the competent authorities. Barclays is acting as OTE's financial advisor.
The issue was revealed by newsit on June 24.
"OTE has been successfully operating in the pay television sector in recent years and recognizes the potential for the development of this specific service for the benefit of consumers. OTE believes that the intended agreement will be beneficial for all parties involved and is consistent with the Group's strategy," a relevant announcement states.
Nova today
Nova brought satellite pay-TV to Greece and is the largest provider of home entertainment services in the country. Forthnet SA has been listed on the main market of the Athens Stock Exchange since 2000 and in its financial results consolidates the activities of the companies Multichoice Hellas SA and Forthnet Media Holdings SA.
Forthnet offers a wide range of television content services to individuals, businesses and Public Bodies throughout Greece.
It has more than 130 stores, in more than 60 cities in the country and serves more than 20,000 small and medium-sized businesses and approximately 1,000,000 household consumers, of which more than 250,000 enjoy Nova 3Play services. A series of innovations characterize the company's journey, which made the first high-definition (HD) television broadcast and the first production and broadcast of three-dimensional (3D) television content in the country, while introducing the 2Play service to the Greek market in 2007 and the 3Play service in 2013. Since the beginning of 2013, the Nova 3Play service, which offers the Greek consumer quality home entertainment and reliable communication at an affordable price, has emerged as a central field of business activity for Forthnet.
Source: newsit.gr
