The companies have offered approximately €1.70 to €1.90 to raise their stakes in a non-binding offer, valuing Forthnet at a maximum of €209 million.
Vodafone and Wind already own a 39% stake in Forthnet, and it has seen the TV provider suffer net losses for the past nine years, according to Reuters.
Greece’s telecoms market has been hit by the country’s economic problems, but it is thought Vodafone is making a play for the company in a bid to battle with market leader OTE.
Forthnet owns subscription TV provider Nova, and OTE reportedly made a bid of approximately €300 million to acquire the asset last month. However, there have been no developments since.
Vodafone has previously tried to gain a bigger presence in Greece but failed in its proposed merger with Wind Hellas in 2012.
Forthnet’s largest shareholder is Emirates International Telecommunications, with a 44% stake.
