Greek telecoms operator Forthnet’s creditors are reported to have entered into exclusive negotiations with London-based private equity house BC Partners.
The deal is said to be worth in excess of €40 million with BC buying the share held by three Greek banks – Alpha, Piraeus and National. BC Partners will take on Forthnet’s €310 million debt. BC Partners will have to pay a further €50 million for the remaining shares in Forthnet once a deal with the banks has been completed.
Forthnet owns Greek pay-television broadcaster Nova, which is a substantial player in the country’s sports rights market. The broadcaster currently holds the rights to tennis grand slam tournament Wimbledon, Euroleague basketball and home-match rights to two-thirds of clubs playing in the Greek Super League 1.