The acquisition of telephone services provider Wind Hellas by United Group, the parent company of subscription TV provider Nova, is shaking up the Greek telecoms and subscription TV market.
The value of the acquisition, in enterprise value terms, is €950-970 million, providing United, itself controlled by UK investment fund BC Partners, with 5 million subscribers, more than Vodafone’s 4.5 million and close behind Cosmote.
Nikos Stathopoulos, head of BC Partners and president of United Group, noted that “the acquisition and integration of strong domestic telecommunications and media companies into our platform is a key pillar of United Group’s European development strategy.”
“Greece is a key market for us. With the acquisition of Wind we are able to create a leading, holistic provider and contribute to the development of the Greek telecommunications industry, through investments in network infrastructure, content, technology and innovative products and services, being a leading force in the digital transformation of the country,” Stathopoulos added.
Wind currently has 4.2 million subscribers to its mobile, landline and television services and its annual revenues exceed €500 million.
At the end of 2020, Nova had 869,000 subscribers and €276.4 million in revenue.
The acquisition of Wind provides United Group with the opportunity to combine it with Nova and create the second largest group in both telecom and television services. United says Greece is “an attractive market, with significant growth prospects,” adding that the integrated Wind-Nova company “will have competitive advantages, increasing the value provided to consumers in Greece through combined offers, new technologies and top-quality services.”
In a statement after the announcement of the deal, Victoriya Boklag, CEO of United Group, said: “This agreement confirms the long-term commitment of United Group in the Greek market. Wind, thanks to its strong activity in mobile telephony, is combined with the know-how of Nova and United Group in the fields of media and fixed telephony.”