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Apax, TPG sell TIM Hellas to Weather Investments in €3.4bn transaction07/02/2007. Source: AltAssets. 
 Apax Partners and TPG have sold Greek mobile phone carrier TIM Hellas Telecommunications to Weather Investments. The sale price includes €500m of equity plus €2.9bn of net debt at year end 2006.
Apax and TPG initially acquired TIM Hellas from Telecom Italia in June 2005 for €1.6bn. In January 2006 the consortium completed the follow-on acquisition of Greek mobile operator Q-Telecom from Info-Quest for €360m.
Giancarlo Aliberti, managing director, Apax Partners, Italy, who led the deal for Apax, said, 'This is a very pleasing result for our investors as well as the management and employees of TIM Hellas. Our knowledge of the sector gave us the confidence to embark on and support the operational turnaround that was required at TIM Hellas. Management did a great job in reversing a very serious downward trend of operational performance we found when we acquired the company. The subsequent combination of TIM Hellas with Q-Telecom contributed in a second stage to create a strong company with excellent long-term prospects.'
Philippe Costeletos, partner of TPG, added, 'TIM Hellas, which was the first buy-out in Greece, demonstrates how private equity can add true value to businesses. Working with a strong new management team, we invested in the network, products and marketing and turned around a struggling franchise. By any standard, TIM Hellas is an industry leader.'
Apax operates across the US, Europe and Asia and invests in companies across its global sectors of tech and telecom, retail and consumer, media, healthcare, and financial and business services.
TPG has offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Mumbai, Shanghai, Singapore and Tokyo. TPG has experience with global public and private investments executed through leveraged buy-outs, recapitalisations, spin-outs, joint ventures and restructurings.
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