Wind Hellas deal objections blown out

2 Jan 2008

Greek electricity utility Public Power Corp (PPC) has announced that the sale of its stake in alternative fixed line and broadband operator Tellas is complete after receiving final regulatory approval. A deal was signed in October 2007 to sell PPC’s 50%-minus-one-share stake in Tellas for EUR175 million (USD255 million) to Wind Hellas, the Greek unit of Egyptian-owned Weather Investments (already a 50%-plus-one-share stakeholder in Tellas); the deal also included the assumption of EUR50 million in debt. In November it was reported that Greece’s National Telecommunications & Post Commission (EETT) had raised objections to the transaction, but according to PPC these have been resolved. Wind Hellas previously acquired Greek cellco TIM Hellas and its subsidiary Q-Telecom, and is rebranding all its mobile and fixed operations under the Wind Hellas banner.