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OTE Plans on Buying Nova Pay TV

The Hellenic Telecommunications Organization (OTE) has submitted a non-binding offer to Forthnet for the acquisition of Nova, its pay television program. The offer amounts to around 250-300 million euros and the financial advisor for OTE is Barclays Bank.
The offer came just a few weeks after Forthnet’s stakeholder Vodafone raised its percentage from 6.5% to 19.75%. The acquisition of the pay TV program Nova would help either Vodafone or OTE to increase sales as well as revenue.
“OTE’s non-binding offer is within the range of 250-300 million euros 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,” announced the company.
“In recent years, OTE has been operating successfully in the pay television sector and recognizes the growth potential of the service for the benefit of consumers. OTE believes that the proposed agreement would be advantageous for all parties concerned and consistent with the Group’s strategy,” added the company spokesman.

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