ForthNet, in which GO plc and Emirates International Telecoms Malta Limited (EITML) recently acquired a 21% shareholding, announced on 7 March that it submitted a binding offer for pay TV operator NetMed NV for an unspecified amount.
NetMed is the parent company for several companies, including NetMed Hellas and Multichoice Hellas, which provide pay TV services in Greece and Cyprus under the trade name Nova.
The binding offer is subject to certain conditions, including the completion of financial, technical, commercial and legal due diligence. The price is expected to be agreed upon after the conclusion of the due diligence process.
ForthNet announced on its website that if it is selected as the preferred bidder and it proceeds to acquire NetMed NV, this will be financed through debt and/or the proceeds from an increase of the Company’s share capital with pre-emption rights in favour of its existing shareholders, which will require the approval of the General Meeting.