ITALY - PE-backed Weather Investments to restructure debt

The plan is for EUR 1.5bn of its total debt. The company has already seen a drop in its debt from EUR 15bn to EUR 12.5bn, mostly due to a strong cash flow.

In June last year, Apax Partners, Madison Dearborn Partners and TA Associates acquired a 10% stake in Weather Investments in an purely equity expansion deal valued at EUR 1.1bn from Egyptian billionaire Naguib Sawiris. Apax, which took a 5% stake, acted separately from Madison and TA which holds a 2.5% stake each. The buyout house knew Sawiris from the sale of TIM Hellas to Weather in April 2007. TA has worked with Sawiris since the original Weather acquisition in 2005.

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