Weather completes TIM Hellas takeover

Greek mobile operator TIM Hellas Telecommunications has announced the completion of the 100% takeover of its parent holding company Hellas Telecommunications (Luxembourg) by Weather Investments, the telecoms holding vehicle of Egyptian tycoon Naguib Sawiris. The deal was first announced in February, when Weather agreed to buy TIM Hellas and its sister company Q-Telecom, Greece’s third and fourth largest cellcos by subscribers, from Apax Partners and Texas Pacific for a total of USD4.4 billion. Sawiris has also proposed a plan to increase Weather subsidiary Wind’s 50%-plus-one-share stake in Greece’s largest alternative fixed line telco Tellas to 100% by buying out its joint venture partner, Greek electricity utility Public Power Corporation (PPC).