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.