Press Release
| August 14, 2008
Dewey & LeBoeuf Advises a Leading Greek Telecommunications Operator in €300 Million Rights Offering on the Athens Exchange
(London, August 14, 2008) - Dewey & LeBoeuf has advised Forthnet S.A., a leading Greek telecommunications operator, in connection with its €300 million three-for-one rights offering on the Athens Exchange. The Dewey & LeBoeuf team was led by capital markets partner George Barboutis, who is based in the firm's London office.
Forthnet is expected to use the proceeds of the offering to partially finance its €490 million (US$770 million) acquisition of NetMed, the leading subscriber TV service in Greece and operator of the Nova subscriber TV platform, from Myriad International Holding B.V. (a wholly-owned subsidiary of Naspers) and Teletypos, the Greek media group. The acquisition agreement was signed on Monday 14 April 2008 and completion of the transaction is subject to a number of conditions, including regulatory approvals. Dewey & LeBoeuf is also advising Forthnet with respect to this acquisition.
Merrill Lynch is acting as Global Coordinator for the offering, with Credit Suisse and NBG as Joint Bookrunners. The Joint Bookrunners were advised by Allen & Overy. Forthnet's Greek legal advisors were M. & P. Bernitsas Law Offices.
Partner George Barboutis commented: "We are very pleased to advise Forthnet on this major capital markets transaction, the largest of the year so far in Greece. Our engagement on both the capital markets and the M&A side of the acquisition of NetMed is evidence of the breadth and depth of our European corporate practice. It also follows a number of other recent significant Greek transactions on which we have advised, such as advising the underwriters in the sale of €1.12 billion shares of OTE by the Greek State in July 2007."
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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