Dubai, Feb. 14th, 2008 (WAM) 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 Dhs500m), 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."Copyright Emirates News Agency (WAM) 2008.
