Greece’s third largest mobile operator TIM Hellas has been put up for sale for up to EUR4 billion (USD5.13 billion) by private equity houses Texas Pacific and Apax Partners, reports UK newspaper The Times. Morgan Stanley and Lehman Brothers are handling the auction, which is reportedly under way already.
According to TeleGeography’s GlobalComms database Apax Partners and Texas Pacific acquired the cellco from Telecom Italia in April 2005 via holding vehicle Troy GAC Telecommunications. The Italian group offloaded its Greek asset to cut debt and focus on domestic and broadband markets. Troy GAC paid EUR1.114 billion for an 80.87% stake when the deal was completed in June 2005 before acquiring all of the remaining shares for EUR263.5 million the following November.