United Group B.V. made an offer to acquire remaining 20.48% stake in Hellenic Company for Telecommunications and Telematic Applications S.A. (ATSE:FORTH) for €15.9 million on November 24, 2020. Under the terms, United Group will take over the remaining 52.9 million shares at €0.3 per share. The transaction, If United Group acquires at least 90% of the ordinary shares of Forthnet at the completion of the mandatory tender offer, it will eventually acquire a 100% stake in the company, through a combination of acquisitions in the mandatory tender offer and/or right to squeeze out any remaining shareholders in accordance with the relevant laws and regulations. The tender offer acceptance starts from February 1, 2021 to March 1, 2021. The transaction is approved by Hellenic Capital Market Commission on January 27, 2021. As of February 2, 2021, the tender offer commenced. The transaction is expected to be completed in Q1, 2021. Piraeus Financial Holdings S.A. acted as financial advisor to United Group. Ambrosia Capital Ltd acted as financial advisor to Hellenic Company for Telecommunications and Telematic Applications S.A.