As IFRBE goes to press we have become aware of rumours that Apax Partners and Texas Pacific Group, are imminently looking to sell Greek mobile phone operator TIM Hellas Telecommunication. The duo acquired 80.9% of the Athens-based TIM Hellas last year for €1.1bn, but could reportedly expect to receive bids above €3bn for the company. Apax and Texas Pacific acquired the remaining shares of TIM Hellas for €263.5m in November of last year.
- The private equity group studying a possible counter-bid for Portugal Telecom has hired five law firms. Sources confirmed to IFR Buyouts Europe that the group had appointed UK law firm Freshfields Bruckhaus Deringer, which is the international leader of the process, and Portuguese law firms Flaminio Roza, Pinto Duarte Corte-Real (corporate), Coelho Ribeiro (corporate), Paz Ferreira (competition and EU matters) and Mouteira, Guerreiro, Rosa Amaral (capital markets).
The private equity consortium is led by Portuguese businessman Miguel Pais do Amaral, and includes Kohlberg Kravis Roberts, Providence Equity, Blackstone, Permira, Cinven and Texas Pacific Group. Sonaecom, the telecoms unit of Portuguese conglomerate Sonae, launched a bid for Portugal Telecom valued at €10.7bn, taking into account the €9.50 per share price offered for PT’s 1.13bn shares, or €13.9bn if Sonaecom’s €5,000 offer for each of PT’s convertible bonds is included.
- UK private equity house AnaCap Financial Partners has announced the acquisition of IT financing and leasing provider Syscap Group in a £60.4m (US$110.2m) buyout. The deal is AnaCap’s first acquisition since it began operating in April of this year. Syscap provides specialist financial solutions to businesses sourcing ICT solutions and services, it achieved a 20% rise in profits for the year ending 2005. Rothchild acted as financial adviser to Syscap. In April, AnaCap closed its initial €300m fund, €50m over the original target. The private equity firms was founded by Joe Giannamore, founder of internet lender On:line Finance, an internet lender, with former On:line executives Steve Barry and Peter Cartwright as well as Finlay McFadyen a former managing director of Uk private equity firm Terra Firma.