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Fri 15 Feb 2008 03:34 PM

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EIT buys stake in Greek broadband operator

Emirates International Telecommunications and GO plc take 21% stake in Forthnet for 93m euros

Emirates International Telecommunications (EIT) and GO plc have bought a 21% share in Greek broadband operator Forthnet. EIT and Maltese telecom GO paid 93 million euros ($136.4 million) for the stake. The joint venture now becomes the largest shareholder in Forthnet, which has around 20% market share in Greece.

EIT will add Forthnet to a growing portfolio of telecoms investments, which include Tunisia's largest operator Tunisie Telecom and European carrier Interoute. EIT is also the majority shareholder in GO.

Deepak Padmanabhan, CEO of EIT said: "EIT is executing on its plan of investing in the telecoms sector internationally, and will deliver superior returns by deploying an active management model, and through combining the capabilities of financial investors with the strategic thinking and sector expertise of a telecoms operator."

Sonny Portelli, chairman of GO plc, said: "This important investment for Malta takes GO on a new path towards growth. We believe the synergies between our company and Forthnet will greatly benefit both of us, enhancing our business and growing shareholder value for the future."

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