BC Partners' United Group bolts on Forthnet

The transaction saw United Group acquire all of the company's loan obligations, the convertible debt and an initial 36% of the company's shares following the conclusion of negotiations with National Bank of Greece, Alpha Bank, Piraeus Bank and Attica Bank.

With this acquisition, United Group intends to expand into the Greek market and consolidate its position as telecoms and media operator in southern Europe, with a presence in eight countries across the region.

This is the third large-scale transaction inked by United Group since BC Partners acquired the company from KKR in March 2019.

It follows the acquisitions of Croatia's Tele2 and Bulgaria's Vivacom in 2019, which altogether increase United Group's size to €1.7bn of pro-forma revenues.

Company
Established in 1995 and headquartred in Kantza, Forthnet is a provider of telecoms and pay-TV, home entertainment and communications services in Greece.

It employs 1,000 staff, and provides services to nearly 700,000 subscribers and 40,000 companies. 

Forthnet generated revenues of €262.8m and EBITDA of €37.1m in 2019.

People
BC Partners – Nikos Stathopoulos (partner).
United Group – Victoriya Boklag (CEO).

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