| 14 Feb 2008 |
|
EIT and GO plc acquire 21% of Greek telecom operator Forthnet for AED 500 million
- Text size
Dubai - Emirates International Telecommunications (EIT) and GO plc, announced today that they have together acquired 21% of Forthnet, a dynamic and fast-growing competitive telecommunication company in Greece that trades on the Athens Stock Exchange. Forthnet is the largest alternative broadband operator in Greece, with a market share of approximately 20%. EIT is also a majority shareholder in GO plc.
The value of the acquisition was 93 million Euros (approximately equal to AED 500 million), making the EIT/GO joint venture the largest shareholder in the Greek alternative fixed line operator.
Deepak Padmanabhan, CEO of EIT said: "EIT is executing on its plan of investing in the telecoms sector internationally, and will deliver superior returns by deploying an active management model, and through combining the capabilities of financial investors with the strategic thinking and sector expertise of a telecoms operator.
"This exciting acquisition will enable EIT to participate in the least penetrated and fastest growing broadband market in Europe. We are delighted to be able to support and help grow the leading broadband operator in Greece", Padmanabhan added.
Sonny Portelli, Chairman of GO plc, said: "This important investment for Malta takes GO on a new path towards growth. We believe the synergies between our company and Forthnet will greatly benefit both of us, enhancing our business and growing shareholder value for the future".
EIT is a joint venture of TECOM Investments and Dubai Investment Group, (both members of Dubai Holding). EIT was established in 2006 to invest in telecommunication companies globally, taking significant stakes in players across the telecoms value chain. EIT aims to create value from its investments by deploying an active management model.
EIT currently manages three investments, including Tunisie Telecom, the largest provider of telecommunication networks and services in Tunisia, GO plc, Malta's only quadruple-play operator (offering mobile, data, fixed and TV services), and Interoute, a carrier's carrier having the largest Next Generation Network (NGN) across all of Europe, offering corporate clients IP voice bandwidth, VPNs, high speed internet access and transit, managed hosting, communications services and media streaming.
GO is Malta's first and only quadruple play operator, a truly converged and integrated telecommunications company with a wide range of services. As Malta's leading provider of telecommunications services, GO offers fixed line telephony, mobile telephony, broadband Internet services, digital television, data networking solutions, business IP services, co-location facilities and call centre services. The Group has been in the business of communications for the past 30 years and its current major shareholder is EIT, a joint venture between TECOM Investments and Dubai Investment Group - both part of Dubai Holding. The remaining shares are traded on the Malta and London Stock Exchanges.
- Ends -
For more information please contact
Abdulwahed Juma
Director of Corporate Communications
Tel: + 971 4 374 85 91
Email: abdulwahed.juma@eitl.ae
Rami Adwan
PR Associate Account Manager
JiWiN
Tel: +9714 361 3 586
E-mail: rami.adwan@jiwin.ae
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.