Domestic investment group waiting in wings for Tellas

26 Jun 2007

Greek firm Marfin Investment Group (MIG) has confirmed that it is interested in acquiring domestic utility Public Power Corporation’s 50%-minus-one-share stake in the country’s second largest fixed line telco Tellas. Egyptian tycoon Naguib Sawiris holds the majority stake in Tellas via Italian telco Wind Telecomunicazioni, itself wholly owned by Egypt-based Weather Investments. Sawiris is trying to get PPC to sell its share as cheaply as possible, and has hinted he will sell his stake if negotiations fail. In early February 2007 Weather Investments bought Greek cellco TIM Hellas for a total of EUR3.4 billion, including subsidiary Q-Telecom, and renamed the operator Wind Hellas.

Greece, Wind Hellas (incl. Tellas)