Wind Hellas reveals EUR300m investment plan

17 Mar 2011

Greek fixed line, broadband and mobile operator Wind Hellas plans to invest EUR300 million (USD419 million) in the next three years to upgrade and expand network infrastructure, focusing on mobile broadband services, local newspaper Kathimerini reported, quoting executives of the telco’s holding company, Largo. Wind Hellas is also confident of reaching a reasonable price for renewing its mobile licence in an upcoming auction to be held by the Greek regulator, the EETT, according to Antonio Viana-Baptista, president of Largo. Mr Viana added that Wind Hellas will not require new capital injections to achieve its investment targets.

TeleGeography’s GlobalComms Database notes that Wind Hellas was taken over by a group of its creditors, the SSN Ad-Hoc Committee, in December 2010, and a new board appointed. The group of senior bondholders completed the purchase of the assets of holding company Weather Finance III (controlled by Egyptian tycoon Naguib Sawiris’ Weather Investments) including all the shares in Wind Hellas, and established a new holding company, Largo Ltd, which fully controls the telco. The SSN Ad-Hoc Committee included Anchorage Capital Group, Mount Kellett Capital Partners, Eton Park International, Taconic Capital Advisers UK, MBSP Ltd, PEP TMT SSF Cayman and Angelo Gordon & Co.

Greece, Wind Hellas