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ATHENS, July 1 (Reuters) - Greek telecoms company OTE said on Tuesday it had submitted a non-binding offerof 250 million to 300 million euros to acquire rival Forthnet's pay TV operations.
OTE had been in talks with the main shareholder of its smallrival Forthnet about the acquisition. The move comes weeks afterits biggest domestic rival Vodafone acquired an optionto increase its 6.5 percent stake in Forthnet to 19.75 percent.
Gaining control of Forthnet's pay-TV business Nova wouldhelp either OTE or Vodafone boost their market share and squeezemore revenue from customers.
"OTE's non-binding offer is within the range of 250-300million euros on a debt-free, cash-free basis of the Nova pay TVoperations. In the event that an agreement is reached, it willbe subject to clearance from competent authorities," OTE said.
Barclays is OTE's financial adviser on the deal.
OTE, a former monopoly and currently 40-percent-owned andmanaged by Deutsche Telekom, is betting on high-speedinternet and subscription television services as a way to stoplosing telephone service clients to cheaper rivals.
"OTE sees significant growth potential for Greek pay TVservices, to the benefit of consumers. The intended agreementwill be beneficial to al involved parties and is consistent withthe group's strategic priorities," OTE said.
(Reporting by George Georgiopoulos; editing by Jason Neely andSophie Walker)
