Etisalat and Turkcell still in running for TIM Hellas as deadline nears

27 Nov 2006

UAE-based telco Etisalat and Turkey’s leading mobile phone firm Turkcell, have both denied media reports that they had submitted bids as high as EUR3.8 billion (USD4.9 billion) for TIM Hellas, but both indicated that they are still interested in Greece’s third largest cellco. A Turkcell spokesperson said: ‘Turkcell confirms that as part of its efforts to selectively seek and evaluate new international investment opportunities, it is investigating, among others, the possibility of a purchase of TIM Hellas… No decision to make an offer to purchase this company has been reached’, whilst Etisalat said that although it has submitted a non-binding bid, it was ‘significantly less’ than the touted EUR3.8 billion, and that it will decide on its offer in the coming week after completing due diligence over the past month. The deadline for binding offers is 30 November.

Greece, Etisalat UAE, Turkcell, Wind Hellas (OLD don't use)