Apax Partners’ Funds and Texas Pacific group to acquire control of Tim Hellas Telecommunications S.A. in a 1.1 billion Euro transaction
4 April 2005
The purchase price for TIM's shareholding in TIM Hellas is
€1,114.1 million, equivalent to approximately €16.43 per share,
representing a premium of 17.6% to TIM Hellas' six month average
ADR price based on the current exchange rate.
The acquisition agreement is conditional upon, among other
things, obtaining approval from the relevant regulatory and
competition authorities. The transaction is expected to close by
Following completion of the acquisition of TIM's shareholding,
it is intended that the remaining shares of TIM Hellas will be
acquired at the same price of approximately €16.43 per share,
through a cash merger under Greek law.
Philippe Costeletos and Matthias Calice led the deal for Texas
Pacific Group. Commenting on the acquisition, Philippe Costeletos,
Partner of Texas Pacific Group, said: "We are delighted to be
working with this excellent management team led by Mr. Kominakis in
establishing TIM Hellas as a standalone Greek company. We
remain committed to providing management with the resources
necessary to invest in infrastructure, provide innovative products
and services to customers, and continue to grow the business.
We believe this first significant private equity investment in
Greece is an exciting opportunity for the Company and reflects the
potential for future investments in Greek companies."
Giancarlo Aliberti, Partner, and Nikos Stathopoulos, Director,
led the deal for Apax Partners. They said: "We are pleased to back
Mr Kominakis and his team at this exciting time in TIM Hellas'
development. This is a great opportunity for Apax Partners to use
its expertise gained from years of investing successfully in the
telecoms industry to work with TIM Hellas' management to create
value and help the company realise its growth potential. We are
also excited about investing in a promising Greek market. We
look forward to investing in TIM Hellas' future and building on its
JPMorgan, Citigroup and Deutsche Bank are acting as financial
advisors to Apax Partners and Texas Pacific Group. Debt financing
was provided by JPMorgan and Deutsche Bank.
TIM Hellas Telecommunications S.A. (NASDAQ: TIMHY, Amsterdam:
TIMHY) was incorporated in Greece on July 28, 1992 to provide GSM
mobile telecommunications services in Greece, in accordance with
the provisions of the Greek telecommunications law.
Since February 2004, the company operates under the "TIM" brand
name and offers network access and related value-added services.
TIM Hellas has been offering full commercial GPRS services since
June 2001, and obtained a UMTS license in July 2001.
At December 31, 2004, TIM Hellas had 2.3 million customers. For
the 2004 financial year TIM Hellas reported sales of approximately
€840 million and operating income of approximately €121
TIM Hellas is traded in NASDAQ and Euronext Amsterdam.
Apax Partners is one of the world's leading private equity
investment groups, operating across the United States, Europe and
Israel. Apax Partners has raised or advised approximately $20
billion around the world. With more than 30 years of direct
investing experience, Apax Partners' Funds provide long-term equity
financing to build and strengthen world-class companies. It pursues
a multi-stage equity investment strategy, investing in late
venture, growth capital and buyouts.
Apax Partners' Funds invest in companies across its 6 chosen
global sectors of telecommunications, IT, retail and consumer,
media, healthcare and financial/business services. Apax Partners'
Funds investments include Inmarsat, Intelsat, Audible, Dialog
Semiconductor, Frontier Silicon, Jamdat, Kabel Deutschland, Sonim
Technologies and Yell. For more information visit: www.apax.com.
For further information, please contact:
T: +44 (0)20 7872 6350
T: +39 02 76211 9207
Texas Pacific Group (TPG) is a leading global private equity
firm. TPG manages over $15 billion in committed equity
capital, and in the course of its history, has completed more than
65 transactions. TPG recently raised TPG Partners IV LP, a $5.8
billion private equity fund. TPG was one of the first major
US-based private equity firms to establish a European business and
over the past 12 months TPG has invested over $1 billion of equity
in transactions with an aggregate enterprise value of $15 billion,
including Debenhams, Scottish & Newcastle Retail (Pubs), Grohe,
Isola (from Rutgers/RAG) and Eutelsat. TPG's European
investments also include Ducati, Findexa and Spirit Group.
TPG holds investments in the technology and telecommunications
sector with investments in Eutelsat, Findexa, MEMC Electronic
Materials (WFR), Seagate Technology (STX), ON Semiconductor (ONNN),
Paradyne Networks (PDYN), GlobeSpanVirata (GSPN), Crystal
Decisions/Business Objects (BOBJ).
For further information, please contact:
Owen Blicksilver, Owen Blicksilver Public
T: +1 (516) 742 5950
For Greek media support please contact:
Nicole Ioannidi, Advocate/
Tel: +30 210 6971942
Note: Figures in this press release have been converted at
an exchange rate of €/$ 1.2914.