Source: eKapija | Tuesday, 18.08.2020.| 15:29
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European Commission Approves Acquisition of Forthnet by United Group

(Photo: asharkyu/shutterstock.com)
United Group has been authorized by the European Commission, in line with the EU regulations on protection of competition, to buy Forthnet, a Greek telecommunications company. Before the purchase process can be finalized, the Hellenic Telecommunications and Post Commission is expected to give its approval.

As said in the press release, United Group, within which SBB and its services EON and Total TV, TV channels and portals Sport Klub, Nova S and N1 operate in Serbia, will once again confirm its leading role in the market of TC and media in Southeast Europe with this latest move within its growth strategy.

Following the acquisition of Forthnet, the Group will have more than 10 million users and 11 thousand employees, and the total annual income will exceed EUR 1.7 billion, it is added.

This is the third biggest acquisition by United Group since the investment fund BC Partners took over the majority ownership in March 2019.

– United Group is entering the Greek market with ambitious business plans only several weeks after the purchase of Vivacom, the leading telecommunications company in Bulgaria, and Tele2 in Croatia at the beginning of the year – the press release says.

Fothnet is one of the leading providers of home entertainment and communications services in Greece – television, broadband internet and landline telephony. It employs around 1,000 people and provides services to nearly 700,000 users and 40,000 companies, with an income of around EUR 260 million.

– United Group gathers the leading operators and the best producers of media content in Southeast Europe. With a clear vision and strategy of European growth in the future, United Group is taking over another successful operator in the region, aiming to provide telecommunications services of the latest generation and the best foreign and local TV content to a market of 38 million people in 8 countries of Southeast Europe and the diaspora all over the world – United Group says.
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