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Orascom CEO Interested In TIM Hellas Via Weather Fund
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CAIRO -(Dow Jones)- Orascom Telecom Holding Chief Executive Naguib Sawiris is exploring the possibility of bidding for Greek wireless operator TIM Hellas, a spokesman for Sawiris' telecommuncations unit said Tuesday.
Sawiris would look to buy TIM Hellas through Weather Investments, which was set up to acquire Italian wireless operator Wind SpA earlier this year, said Hatem El Gammal, a spokesman for Orascom's investor relations department. He didn't give further details.
Weather Investments, a vehicle controlled by Sawiris, bought Wind in a deal that valued the Italian company at about EUR12.1 billion. Sawiris has said he will use Wind as a platform for expansion in the Mediterranean basin.
TIM Hellas is Greece's third-largest wireless operator, with a market share of about 23%. It trails Hellenic Telecommunications Organization SA unit Cosmote and Vodafone Group PLC.
Private equity firms Apax Partners & Co. Ltd. and Texas Pacific Group earlier this year bought TIM Hellas in a deal valued around EUR1.6 billion. A spokesman for both funds said Monday that while there is speculation in the market that they will look for a quick sell, Apax and TPG "continue to have a longer-term view."
Company Web site: http://www.orascomtelecom.com
-By Maha El Dahan, Dow Jones Newswires, +20 1 222 67850, mahaeldahan@yahoo.com (Paul Tugwell in Athens contributed to this item.)
(END) Dow Jones Newswires "
Tags: [wind] [orascom telecom] [texas] [cosmote] [naguib sawiris] [orascom telecom holding] [weather] [athens] [hellenic telecommunications organization] [apax partners] [apax partners]
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