Egypt's Sawiris bids for Wind Hellas
Cairo, September 16, 2010
Egyptian telecoms tycoon Naguib Sawiris, owner of Weather Investments, said on Thursday he had put in a binding bid for Greece's Wind Hellas, his latest effort to keep control of the Greek telecom operator.
Sawiris currently owns the Greek firm through Weather Investments, which also owns another Wind-branded company in Italy and just over half of Cairo-based Orascom Telecom.
Cash-strapped Wind Hellas, stung by a price war with rivals Cosmote and Vodafone, said in July it would restructure its debt for the second time in a year and had invited bids for the company.
The deadline for binding offers was Sept 15 and Wind Hellas will choose a preferred bidder by Oct 14.
Asked by mobile phone text message if he could confirm he had made a binding bid for Wind Hellas, Sawiris responded: 'Yes'. He did not give any further details.
Weather was able to buy back Wind Hellas last year -- as well as shave off more than 1 billion euros ($1.3 billion) of debt -- in a pre-pack administration deal. - Reuters
More IT & Telecommunications Stories
- Talia seals new partnership with Thuraya
- 4-pillar approach for telecom operators to boost growth
- Dubai mobile emissions below global standards
- Nawras signs capacity contract with SES
- Etisalat showcases satellite solutions at Cabsat
- Batelco launches 4G LTE roaming
- Gulf Air clinches best innovation award
- Viva inks Pepsi partnership deal
- Du offers free smarphones on tablet purchase
- Batelco launches double credit promotion
- Cyber threats focus of Bahrain security talks
- Bahrain tech expo to honour innovators
- Scope ME named distributor for InfoWatch
- Nawras quadruples 3G+ mobile services
- Menatelecom expands bill paying network
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite
- Batelco announces new board
- Batelco offers improved broadband
- You don't own phone numbers, warns TRA
- Tech giants back top Qatar ICT event
- Du to provide wifi access in public areas
- Zain finalises $800m, five-year loan facility
- Ooredoo Q4 net profit falls 36pc to $140m
- Mobily, Etisalat team up for LTE roaming
- Batelco approves $84m dividends for 2013
- Etisalat Q4 profit rises 70pc to $394m