Texas Pacific and Apax Partners close in on TIM Hellas

18 Mar 2005

Apax Partners Worldwide and Texas Pacific Group are said to be close to securing a deal to acquire Telecom Italia’s 80.7% stake in Greek telco TIM Hellas for between EUR1.5 billion and EUR2 billion, although sections of the Greek press report that the deal could fail if agreement isn’t reached by the end of this week. The move to buy the operator reflects rising interest in Europe among worldwide buyout groups. Firms including the likes of Apax spent more than USD180 billion on takeovers in 2004, and funds are now attracted by TIM Hellas’ ability to generate sizeable cash returns.

Greece, Wind Hellas (OLD don't use)