OTE takes on Vodafone for control of Greece’s Nova TV

Deutsche Telekom-backed Greek telecom operator OTE has made a non-binding offer to media group Forthnet for the acquisition of local pay TV provider Nova TV.

OTE is offering between €250-300 million on a debt and cash-free basis for Nova TV. Any deal will be subject to regulatory clearance.

The move comes after OTE’s rival Vodafone acquired an option to increase its 6.5% stake in Forthnet to 19.75%

OTE has developed its own pay TV services in Greece and the company said its latest move showed that it saw significant growth potential in the market.

Barclays is acting as OTE’s financial adviser.

OTE’s Cosmote mobile subsidiary has about 7.4 million connections while Vodafone has about 4.9 million.