Wind Hellas deal wrapped up

18 Oct 2007

The 100% takeover of Greek fixed line and broadband operator Tellas by Egyptian-owned Weather Investments was sealed yesterday when Greece’s Public Power Corp (PPC) signed a deal to sell its 50%-minus-one-share in the telco to its partner in the venture, Weather subsidiary Wind. Italy-based Wind previously acquired Greek cellco TIM Hellas and its subsidiary Q-Telecom, and is rebranding all its Greek mobile and fixed operations under the Wind Hellas banner. Under the deal, which still awaits final regulatory approval, PPC will receive EUR175 million (USD248 million) for its stake while Weather will also assume EUR50 million of debt guarantees.