Forthnet up for sale again?

Listed alternative telecommunications provider Forthnet may be about to change hands once again. Emirates International Telecommunications (EIT) is reportedly planning to sell off its 34 percent stake in the Greek company, just one year after it was acquired. Sources suggest that the Dubai-based state investment firm is already in talks with Advent Ventures Partners, a European investment fund, with a view to a stake transaction. It appears Forthnet is aware of the negotiations, as suggested by the appointment of a former top telecoms official of the firm as Advent’s adviser in Greece. EIT intends to leave Forthnet if it gets the right offer from a buyer, sources say. Market observers note that Forthnet has been particularly undervalued in the last few months, as its capitalization stands at just 150 million euros. In order to acquire Greece’s sole satellite television platform Nova, Forthnet had paid 430 million euros last August.

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