Go plc and Emirates International Telecommunications (EIT), a joint venture of Tecom Investments and Dubai Investment Group, have acquired 21 per cent of Forthnet, one of Greece's most dynamic and fast-growing competitive telecommunications companies which trades on the Athens Stock Exchange, the two companies said.

The acquisition means de facto control of Forthnet by Go and EIT, the companies said.

The value of the acquisition is €93 million and makes the joint venture the largest shareholder in the Greek alternative fixed line and broadband operator.

Go plc chairman Sonny Portelli said the deal is very positive news for Go: "The investment to acquire a stake in Forthnet SA means a new opportunity to grow our business.

"The investment in Greece underpins our growth strategy and complements the way we continue to develop Go in Malta, with investments such as the launch of the multi-million euro project in the second submarine cable, the 3/3.5G mobile technology and the upgrade of the fixed and digital TV networks.

"However, we are starting to look at new revenue streams and opportunities beyond our shores and Forthnet SA provides such an opportunity for Go."

Mr Portelli added that dividends will not be affected and that the investment into a fellow EU member state is a sound one.

Deepak Padmanabhan, CEO of EIT and board member of Go plc 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".

The acquisition will enable EIT to participate in the least penetrated and fastest growing broadband market in Europe, he added.