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

June 15, 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 is the first significant private equity acquisition to be effected in Greece. 

Depositary receipts for TIM Hellas shares are traded on Nasdaq and Euronext Amsterdam.  It is anticipated that the remaining shares will be acquired at the same per share price in a cash merger under Greek law.  It is anticipated that the process required to complete such a merger will take approximately six months.