Greek mobile operator Wind Hellas’ bondholders have completed their acquisition of the company from Weather Finance III, the investment vehicle of Egyptian tycoon Naguib Sawiris.
The new owners will invest E420m to repay debt and fund Wind Hellas’…
Greek mobile operator Wind Hellas’ bondholders have completed their acquisition of the company from Weather Finance III, the investment vehicle of Egyptian tycoon Naguib Sawiris.
The new owners will invest E420m to repay debt and fund Wind Hellas’ long-term development and business plan. This investment will free the group from E1.867bn of third party debt, allowing it to come under the ownership of a newly established holding company, called Largo Limited.
“The successful completion of this process that resulted in a significant cash injection whilst effectively releasing the company from close to E2bn in debt is excellent news for Wind Hellas, its staff, its customers and all other stakeholders,” said Wind Hellas CEO Nassos Zarkali.
“With the strong backing of our new owners who have longstanding experience of the telecommunications sector we can look forward to the future with confidence and now fully focus on further developing the company and consolidating our position as the sole fully integrated telecommunications provider in Greece”.
Wind Hellas new owners include Anchorage Capital Group, Mount Kellett Capital Partners, Eton Park International, Taconic Capital Advisers, MBSP and PEP TMT SSF Cayman and Angelo Gordon & Co.
