Apax Partners and Texas Pacific Group have agreed to sell Greek mobile phone operator TIM Hellas to Weather Investments SpA, an investment vehicle of Egyptian entrepreneur Naquib Sawiris. The sale price includes €500 million in equity plus €2.9 million of net debt. Apax and TPG initially acquired TIM Hellas from Telecom Italia in June 2005 for €1.6 billion. In January 2006 the consortium completed the follow-on acquisition of Q-Telecom, the fourth largest Greek mobile operator, from Info-Quest SA for €360 million. Morgan Stanley and Lehman Brothers were running the most recent auction.
The Carlyle Group plans to sell its remaining position in UK defense and security company Qinetiq. It originally acquired a 33% stake from the British Ministry of Defense in 2002 for £42.5 million, and then sold around £160 million worth of shares when Qinetiq went public last February. Carlyle still holds 67.8 million shares, which could net another £140 million.
EQT Partners has sold Swedish point-of-care patient testing company HemoCue to Quest Diagnostics Inc. (NYSE: DGX) for approximately $420 million in cash.
FdG Associates has sold its minority stake in DentaQuest Inc., a Boston-based dental benefits administrator, back to the company for $110 million. FdG Associates invested $12 million of growth capital into DentaQuest in May 2002.
Halyard Capital has completed its sale of Dallas-based community newspaper publisher American Consolidated Media to Macquarie Media Group for $80 million.
Levine Leichtman Capital Partners has retained North Point Advisors to help it sell pizza chain operator CiCi Enterprises. The asking price is reported to be between $240 million and $270 million.
Oncap, a private equity vehicle of Onex Corp., has agreed to sell CMC Electronics Inc. to Esterline Corp. (Nasdaq: ESL) for $335 million. CMC is a Montreal, Canada-based provider of avionics, sensors and advanced materials to the aerospace and defense markets.
Reliance Steel & Aluminum Co. (NYSE: RS) has completed its acquisition of Encore Group, an Edmonton, Alberta-based operator of metals service centers (Encore Metals, Encore Metals USA Inc., Encore Coils, and Team Tube in Canada). No financial terms were disclosed. Encore was formed in 2004 via a management buyout sponsored by HSBC Canada. Its annual net sales for 2006 were approximately C$259 million.