Greek businessman Germanos Panos’s group of companies and telecoms operator Wind Hellas have entered into a strategic partnership which will see the former acquire a 10% stake in Wind before 2016 and sell Wind products and services on an exclusive…
Greek businessman Germanos Panos’s group of companies and telecoms operator Wind Hellas have entered into a strategic partnership which will see the former acquire a 10% stake in Wind before 2016 and sell Wind products and services on an exclusive basis.
The signed agreement will see the Germanos Group sell Wind’s mobile, fixed-line and internet products and services at its Multirama, Public and Getitnow.gr stores for 15 years, the parties said in a joint statement.
When specified revenue targets are hit, Panos will be granted a minority stake in Wind which can increase to up to 10% over the next 10 years.
The companies said the long-term agreement is designed to help them realise their “common vision” to expand in the Greek telecoms sector.
Wind chairman and CEO Nassos Zarkalis said the company continues to invest in its development and growth “despite the extremely challenging economic conditions and the deep recession in the telecommunications market”.
“This new strategic partnership is expected to further boost Wind Hellas’ growth,” the statement read. “Having streamlined its cost and operating structure, Wind Hellas has positive cash flows that allow it to finance its growth with its own capital and to make investments that directly affect the Greek economy in the most positive way”.
Zarkalis said the company invested more than €90m in 2011, much of which was used to modernise its 3G network.
The Germanos Group operates more than 1,500 stores in Greece, Poland and Cyprus.
