SPOTLIGHT: Finance Friday: ON, Icomm gain funds

ON Telecoms, a competitive carrier in Greece said this week it had received new funding totaling $103 million in the form of a loan from Greece's Proton Bank and a development grant from the government. The carrier is looking to expand its triple play efforts just as Greek incumbent telco OTE is getting new financial backing from Germany's Deutsche Telekom.

In other telecom finance news, Tano Capital, part of the India Private Equity Fund, has invested $12.45 million in India's Icomm Telecommunications by acquiring an equity stake from an existing ON shareholder. Icomm is a network equipment manufacturer.

For more:
- read this report on ON at Light Reading Europe
- see this press release on Icomm at Light Reading

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