Wind of change for Sawiris in Tellas deal?

26 Jul 2007

According to local news reports quoted by reporter.gr, Wind, the Italian telco which is part of Egyptian tycoon Naguib Sawiris’s Weather Investments holding group, has agreed to buy Public Power Corporation’s (PPC) 50%-minus-one-share stake in alternative Greek telco Tellas for EUR170 million (USD234 million). Negotiations were thought to have collapsed, as Sawiris, also chairman of Orascom Telecom, was previously reported to have instructed Deutsche Bank to find a buyer for his group’s 50%-plus-one-share stake in Tellas, in line with earlier statements that he would either seek 100% ownership of the fixed line and broadband operator, or exit completely.