ForthNet completes capital increase; Vodafone gains 7% stake?

9 Jan 2014

According to sources quoted by Greek newspaper Ekathimerini, cellco Vodafone Greece has acquired a 7% stake in alternative broadband operator ForthNet via the latter’s recently completed EUR29 million (USD39.5 million) share capital increase, which effectively averted the possibility of full-service Greek operator Wind Hellas acquiring a controlling stake in ForthNet. Wind Hellas reportedly holds 33% of ForthNet following the rights issue, in which ForthNet’s Middle Eastern controlling shareholder Emirates International Telecommunications (EIT), in partnership with its Maltese subsidiary GO, raised its stake to above 44% via holding vehicle Forgendo. Vodafone has not yet confirmed its reported stake purchase in the ForthNet rights issue, which was 2.2 times oversubscribed.

Greece, Vodafone Greece, ForthNet, Wind Hellas (incl. Tellas),

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