TIM Hellas: Yiasou

Apax and Texas Pacific have had second thoughts about sitting on their big gains in Greek mobile. The private equity firms nearly sold out of TIM Hellas, Greece’s third-ranked mobile operator, last December, but pulled an auction when bids fell short of a E4bn target which would have quintupled their investment in the group. In selling the group to Naguib Sawiris for E3.4bn, they appear to have decided that quadrupling their money is enough. Why the change of heart? The Sawiris deal isn’t much s...