Greek mobile operator TIM Hellas is to be sold to Egyptian entrepreneur Naguib Sawiris for 500 milllion euros (US$646.3 million), reports the Khaleej Times. The deal (which includes 2.9 billion euros of debt) is being done through Sawiris’s investment vehicle Weather Investments which also controls Egyptian operator Orascom Telecom and owns Italian telco Wind Telecommunicazioni. The companies selling are private equity firms Apax Partners and Texas Pacific Group, which “bought TIM Hellas, Greece’s third-largest mobile operator, with 3 million subscribers, from Telecom Italia in June 2005 for 1.6 billion euros and added Greece’s fourth-largest mobile operator Q-Telecom to it for 360 million euros in January 2006″.
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