TIM Hellas Sale Agreement Reached

Apax Partners and Texas Pacific Group have agreed to sell Greek mobile phone operator TIM Hellas to Weather Investments SpA, an investment vehicle of Egyptian entrepreneur Naquib Sawiris. The sale price includes Euro 500 million in equity plus Euro 2.9 million of net debt. Apax and TPG initially acquired TIM Hellas from Telecom Italia in June 2005 for Euro 1.6 billion. In January 2006 the consortium completed the follow-on acquisition of Q-Telecom, the fourth largest Greek mobile operator, from Info-Quest SA for Euro 360m. Morgan Stanley and Lehman Brothers were running the most recent auction.

 

Press Release:
FUNDS ADVISED BY APAX PARTNERS AND TPG ANNOUNCE THE SALE OF TIM HELLAS TO WEATHER INVESTMENTS

 

 

London, UK, February 6, 2007, Funds advised by private equity firms Apax Partners (Apax) and TPG today announce the sale of TIM Hellas Telecommunications S.A. (“TIM Hellas”), the third largest mobile phone carrier in Greece, to Weather Investments SPA. The sale price includes