KG Banking, Finance & Capital Markets team advised the Banks on Forthnet deal

A KGLawFirm team led by partners Konstantinos Vouterakos and Konstantinos S. Issaias advised Piraeus Bank/ Intrum Hellas, National Bank of Greece, Alpha Bank and ATTICA BANK (the Banks) in a transaction involving the sale of the Banks’ existing loan receivables and equity positions in the Athens Exchange Group listed telecom and paytv operator, Forthnet Group to United Group, a telecom and media operator active in the SEE region, owned by international investment firm BC Partners. The transaction initially includes a debt acquisition part combined with a subsequent equity/convertible bonds part and will be implemented in phases following the necessary regulatory approvals.

The signing of the sale agreements is the culmination of a long and complex process initiated in mid-2017 by the Banks to manage their over € 300 million credit exposure in the Forthnet Group. KG team advised and supported the Banks in all aspects through the entire process leading now to the execution of a challenging and demanding transaction. Amid the coronavirus pandemic, the transaction signifies a vote of confidence from international investors to the country and its investment opportunities. KG is proud to assist the Banks in concluding this important transaction.