GREECE - Apax and TPG sell TIM Hellas to Naguib Sawiris

The sale price includes EUR 500m of equity plus EUR 2.9 bn of net debt at year end 2006. Apax and TPG initially acquired TIM Hellas from Telecom Italia in June 2005 for EUR 1.6bn. In January 2006 the consortium completed the follow-on acquisition of Q-Telecom, the fourth largest Greek mobile operator from Info-Quest S.A. for EUR 360m.

Among other investment in the telecom industry, Weather Investments owns 100% of Wind Telecommunicazioni, the third largest mobile operator and second largest fixed line operator in Italy.

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