Info-Quest has sold its Greek integrated telecoms operator Q-Telecom to the owners of mobile rival TIM Hellas in a EUR350 million deal. Info-Quest has accepted a binding offer for the company from Troy GAC Telecommunications, a holding company led by Apax Partners and Texas Pacific, which will see Troy GAC pay EUR325 million in cash as well as undertake to pay a EUR25 million corporate bond. The deal is now awaiting regulatory approval. Troy GAC stepped in for Q-Telecom after earlier sale talks between Info-Quest and an unnamed buyer stalled. Info-Quest received a non-binding offer of EUR250 million for the company in July and had hoped the sale would be concluded in August.
Greece’s youngest and smallest telco, Q-Telecom plans to invest around USD25 million in its fixed and wireless services in 2005 as it strives to reach the one million subscriber mark before year-end.