Weather sells stake to three private equity firms and clears debt

6 Jun 2008

Telecoms holding company Weather Investments, which has mobile phone networks across the Middle East, Africa and south Asia through its controlling stake in Orascom Telecom, as well as operations in Italy and Greece, has sold a 10% stake to three private equity firms for EUR1.1 billion (USD1.7 billion). Under the terms of the deal Apax Partners will take a 5% shareholding, with the US firms Madison Dearborn Partners and TA Associates holding the remaining 5% jointly.

Weather also reported it has now repaid in full its EUR962 million loan plus interest due to Italian utility Enel totalling EUR1.03 billion. The loan related to Weather’s EUR12 billion purchase of Italian phone company Wind from Enel at the end of 2006.