UK-based mobile operator Vodafone remains committed to acquiring Greek counterpart Wind Hellas, despite the country’s debt crisis, according to reports citing CEO Vittorio Colao.
Colao reportedly reaffirmed that the two parties are still trying to…
UK-based mobile operator Vodafone remains committed to acquiring Greek counterpart Wind Hellas, despite the country’s debt crisis, according to reports citing CEO Vittorio Colao.
Colao reportedly reaffirmed that the two parties are still trying to get an agreement together.
It is understood that BoA Merrill Lynch is advising Vodafone about merging its Greek subsidiary, Vodafone Greece, with Wind Hellas.
Reports have suggested that an agreement agreed in principal between the two could see Vodafone take a majority share, and head the day to day operations for the enlarged entity.
Wind was acquired by its senior bondholders in January from Egyptian tycoon Naguib Sawiris, having agreed to invest €420m to repay debt and fund its long-term development and business plan.
This investment also freed Wind from €1.867bn of third party debt, allowing it to come under the ownership of a newly established holding group called Largo Limited, which includes Anchorage Capital Group, Mount Kellett Capital Partners, Eton Park International, Taconic Capital Advisers, MBSP and PEP TMT SSF Cayman and Angelo Gordon & Co.
The new owners were advised by Moelis & Company, and Morgan Stanley managed the sale.
