Weather stake sold for €1.1bn

Weather Investments, the Italian telecoms company, has sold part of its equity for €1.1bn Apax Partners, Madison Dearborn Partners and TA Associates.

The consortium has acquired a 10% stake in the group, which is owned by Egyptian businessman Naguib Sawiris. Sawiris was keen to sell shares in order to repay approximately €1bn in loans owed to Italian energy group Enel following the 2006 acquisition of Wind Telecommunicazioni.

According to sister publication Thomson Merger News, a source close to the deal said that Apax had paid €550m for a 5% stake, while TA Associates and Madison Dearborn paid another €550m between them for the remaining 5%. The firms are understood to have made the investment with equity rather than debt.

The deal will see Apax reunited with TIM Hellas, the Greek telecoms company is sold early last year to Weather for €3.4bn.