TPG and Apax in €1.1 Billion Telecom Deal; Greece’s First Significant Private Equity Acquisition

April 3, 2005

Cleary Gottlieb is representing Apax Partners and Texas Pacific Group in the acquisition of an 80.87% stake in Greek mobile telecoms operator TIM Hellas Telecommunications S.A. from its controlling shareholder, Telecom Italia subsidiary TIM International N.V. for €1.114 billion (approximately €16.43 per share).  The transaction will be the first significant private equity acquisition to be effected in Greece.  The deal, which is subject to regulatory and competition approvals, is expected to close by July.

Depositary receipts for TIM Hellas shares are traded on NASDAQ and Euronext Amsterdam.  It is anticipated that, following the purchase of TIM’s stake, the remaining shares will be acquired at the same per share price in a cash merger under Greek law.