Sale of Forthnet looming; last details under scrutiny by creditor banks, Marinakis group

Sunday, 17 November 2019 22:25
UPD:22:27
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The sale of debt-laden subscriber TV and Internet provider Forthnet to a company controlled by shipping magnate Vangelis Marinakis is headed into the last stretches, with both sides of the looming transaction, namely, creditor banks and the purchaser scouring over the transaction contracts. According to reports, the Forthnet deal will be completed in a matter of weeks.

Marinakis, who also owns the popular Greek football club Olympiacos FC and holds a majority stake in legendary Nottingham Forest FC, will acquire a portion of the Forthnet shares held by creditors banks for a price tag of 41 million euros.

The agreement, which includes a major "haircut" of Forthnet's outstanding loan obligations, must then receive approval by a independent telecoms watchdog authority's competition committee, especially focusing on whether the transaction does not unduly concentrate television and telecoms services into the hands of single corporate entity.

Marinakis recently acquired a license for a nationwide television broadcaster, then purchased the archives of defunct Mega TV, once the biggest television broadcaster in the country, and also owns the DOL press group.

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