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Dubai: Emirates International (EIT) on Thursday expanded its portfolio to Dh12.11 billion ($3.3 billion) in less than two years, with its latest acquisition of 21 per cent stake in Forthnet, a fast-growing telecommunication company in Greece, for Dh500 million, company officials said.
EIT and GO plc, on Thursday said, they have together acquired 21 per cent of Forthnet - also the largest alternative broadband operator in Greece, with a market share of approximately 20 per cent.
EIT, which is also a majority shareholder in GO plc, was formed in 2006 as a joint venture between Dubai Investment Group and Tecom Investments.
With this, EIT's acquisition portfolio grew to Dh12.11 billion ($3.3 billion) in less than two years, following a Dh3.25 billion (600 million euro) investment to acquire 60 per cent of GO plc and a Dh7.3 billion ($2 billion) acquisition of 35 per cent stake in Tunisie Telecom, a company spokesperson told Gulf News on Thursday.
Forthnet shares trades on the Athens Stock Exchange.
The value of the acquisition was 93 million euros (nearly Dh500 million), making the EIT/GO joint venture the largest shareholder in the Greek alternative fixed line operator. Deepak Padmanabhan, CEO of EIT said: "EIT is executing on its plan of investing in the telecom 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 telecom operator.
"This exciting acquisition will enable EIT to participate in the least penetrated and fastest growing broadband market in Europe.
"We are delighted to be able to support and help grow the leading broadband operator in Greece."
EIT currently manages three investments, including Tunisie Telecom, the largest provider of tele-communication networks and services in Tunisia, GO plc, Malta's only quadruple-play operator (offering mobile, data, fixed and TV services), and Interoute, a carrier's carrier having the largest Next Generation Network (NGN) across all of Europe.
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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