United Group (UG), the leading provider of telecommunications services and media in Southeast Europe, said on Friday it had completed a Mandatory Tender Offer (MTO) for shares of Greek telecommunications and pay-TV provider Forthnet S.A., bringing its stake in the company to 96.83 percent of ordinary share capital.

UG, majority-owned by international investment firm BC Partners, announced in June 2020 that it had agreed to acquire an initial stake of approximately 36 percent in Forthnet.

Forthnet is a provider of home entertainment and communications services in Greece, with around 1,000 employees and nearly 1.4 million revenue-generating units (RGUs). Forthnet offers its customers more than 60 direct-to-home (DTH) channels via its Nova brand.

The United Group launched the MTO for Forthnet shares after triggering minimum mandatory tender offer requirements under Greek law.

Following the relevant regulations, the Group intends to initiate a squeeze-out to acquire the remaining shares in Forthnet, which is expected to close in May 2021.

The Group’s entry into the Greek market was an important milestone in its European growth strategy, further cementing the UG’s position as an industry leader, with operations across eight countries in the region.

United Group has approximately 11 million customers and more than 12,500 employees. Its media arm United Media operates 45 channels and produces tens of thousands of hours of original content each year, making it one of Southeast Europe’s largest and most important production houses.

The Group has the widest network coverage in the region and offers users the most attractive selection of TV content from around the world.

N1 is a part of United Media which operates within the United Group.