United Group gets European Commission approval to buy Greek Forthnet

NEWS 18.08.2020 10:56
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Source: Promo

The United Group has received the approval of the European Commission, in line with European Union regulations to protect competition, to buy the Greek telecommunications company Forthnet and is waiting for a decision by the Greek Telecommunications and Postal Commission to complete the purchase.

A press release said that United Group, which includes the SBB company and its EON and Total TV services, as well as the Sport Klub, Nova S and N1 tv stations and portals, will confirm its leading role on the telecommunications and media market in southeastern Europe once again as part of its growth strategy.  

Following the acquisition of Forthnet, the United Group will have more than 10 million clients and more than 11,000 employees with an annual income in excess of 1.7 billion Euro, it said.   This is United Group’s third big acquisition since the BC Partners investment fund took over a majority share in the Group in March 2019. “The United Group is entering the Greek market with big business plans just weeks after buying Vivacom, the leading telecommunications company in Bulgaria, and Tele2 in Croatia earlier this year,” the press release said.

Forthnet is a leading provider of home entertainment and communications, land-line and mobile phone, broadband Internet and TV services in Greece. It employs 1,000 people and provides services to almost 700,000 clients and more than 40,000 companies with an income of 260 million Euro.

“The United Group includes leading operators and the best media content producers in southeastern Europe. The United Group is taking over a successful operator in the region with its clear vision and strategy for future European growth with the aim of providing latest generation telecommunications services and the best foreign and domestic TV content to the market of 38 million people in southeastern Europe,” it said.