Latest Weather forecast: Sawiris hopes to take over Tellas

15 Feb 2007

Egyptian tycoon Naguib Sawiris, the head of telecoms holding vehicle Weather Investments, has declared his interest in increasing Weather subsidiary Wind’s 50%-plus-one-share stake in Greek telco Tellas to 100% by buying out its joint venture partner, Greek electricity utility Public Power Corporation (PPC). Fixed line and broadband service provider Tellas is the country’s largest alternative telco with shares of over 10% of subscribers and call traffic. PPC owns an extensive fibre-optic network parallel to its power infrastructure, which it leases to Tellas. Last month Weather agreed to buy Greece’s third and fourth largest cellcos by subscribers, TIM Hellas and Q-Telecom, from Apax Partners and Texas Pacific for a total of USD4.4 billion, and Sawiris has proposed a plan to combine his new assets with Tellas by the end of 2007.