Tellas under the Weather

1 Aug 2007

Greek electricity utility Public Power Corp (PPC) has accepted a EUR175 million (USD240 million) offer from Weather Investments for its 50%-minus-one-share stake in Tellas, Greece’s largest alternative telco by revenues. The deal gives Weather, owned by Egyptian tycoon Naguib Sawiris, 100% of Tellas and the ability to bundle its fixed line and internet services with offerings from its recently acquired Greek mobile operator Wind Hellas (formerly TIM Hellas). In a filing to the Athens Stock Exchange, PPC also agreed to continue an existing arrangement to rent its backbone network to Tellas and take telecoms services from the company.

Greece, Wind Hellas (incl. Tellas), Wind Tre