GREECE - Apax and Texas to reap a fourfold return with TIM Hellas auction

Apax Partners and Texas Pacific Group have put a for sale sign on their portfolio company TIM Hellas, a Greek mobile services provider. According to press reports, the buyout firms have mandated Morgan Stanley and Lehman Brothers to begin an auction process that could quadruple their original EUR 1.1bn investment, the biggest Greek buyout to date. TIM Hellas was bought just over a year and a half ago from Telecom Italia. The controversial Italian telephone provider is also disposing of its mobile businesses in Italy and Brazil, which have attracted the interest of a consortium led by The Carlyle Group, reportedly planning a EUR 30bn bid.