Tim Hellas
Encyclopedia
WIND Hellas, formerly STET Hellas, is an integrated telecommunications provider headquartered in Athens
, Greece. WIND is the 3rd largest mobile operator in Greece (after Cosmote
and Vodafone
) with more than 4.4 million active subscribers (September 2010).
. On September 30, 1992 the Greek Ministry of Transport and Communications issued a license to STET to create a national mobile telephony services network (GSM). The company invested the sum of 30 billion drachmas (about 88 million Euro
s) to create the network. This constituted one of the biggest investments in Greece since the end of the Second World War. Commercial operations started on June 29, 1993 when the first call from a mobile phone took place in the country.
For the next 12 years the company became established in the Greek mobile telephony market. In 1998 TELESTET was the first Greek mobile telephony company to be listed in international stock markets, the NASDAQ
in New York City
and the Amsterdam Stock Exchange
.
From September 23, 1999 TELESTET operated Iridium, the first mobile-telephony dedicated satellite in Greece.
In June 2001, TELESTET was the first telecommunications company in Greece and one of the first in the world to obtain ISO 9001:2000 Quality Management certification.
In June 2001 the operator's GPRS
service went live. In July 2001 it was awarded the licence to offer a UMTS
service for a concession fee of €146.7 million. The UMTS service went live on January 27, 2004.
and member of FreeMove
, the biggest telecommunications alliance in Europe that consists of the companies Orange
(UK
/France
), Telefónica
(Spain
), ΤΙΜ
(Italy
) & T-Mobile
(Germany
).
On April 4, 2005 TIM agreed to sell its 80.87% equity stake in TIM Hellas to funds advised by Apax Partners
and Texas Pacific Group (TPG)
. The transaction was for €1,114.1 million which valued TIM Hellas at €1,600 million or €16.43 per share. The transaction was completed following approval by state authorities in July 2005.
On January 31st 2006 WIND Hellas acquired Q-Telecom
, Greece’s 4th mobile operator, for €350 million and in May 2007 the two mobile networks were merged.
, the telecom holding company of Egyptian tycoon Naguib Sawiris
, for 500 million Euros of equity plus 2.9 billion Euros of net debt. The brand name changed to WIND on June 5, 2007, in line with Italian
telecom operator
WIND Telecomunicazioni SpA
.
In December 2009, Nassos Zarkalis, previously head of Hellas Online (HOL), became CEO of WIND Hellas.
On October 18, 2010 the pricipal shareholders in WIND Hellas(Mount Kellett Capital, Taconic Capital Advisers, Providence Equity Capital
, Anchorage Capital Group, Angelo Gordon
and Eton Park International
) took over the company and injected 420 million Euros to reduce debt
and fund long-term development plans.
allows customers to port their numbers to and from all Greek networks so WIND customers can also have telephone numbers that were originally allocated to Vodafone or Cosmote.
Athens
Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...
, Greece. WIND is the 3rd largest mobile operator in Greece (after Cosmote
Cosmote
COSMOTE is the largest mobile network operator in Greece, with 7.9 million subscribers. The company is headquartered in Athens and it is a fully owned subsidiary of the Hellenic Telecommunications Organization , the incumbent telecommunications provider in Greece...
and Vodafone
Vodafone
Vodafone Group Plc is a global telecommunications company headquartered in London, United Kingdom. It is the world's largest mobile telecommunications company measured by revenues and the world's second-largest measured by subscribers , with around 341 million proportionate subscribers as of...
) with more than 4.4 million active subscribers (September 2010).
Origins
STET Hellas originated in 1992 with the establishment of TELESTET, a subsidiary of the Italian company STET, now Telecom ItaliaTelecom Italia
Telecom Italia is the largest Italian telecommunications company, also active in the media and manufacturing industries. Now a private concern listed on the Borsa Italiana, it was founded in 1994 by the merger of several state-owned telecommunications companies, the most important of which was...
. On September 30, 1992 the Greek Ministry of Transport and Communications issued a license to STET to create a national mobile telephony services network (GSM). The company invested the sum of 30 billion drachmas (about 88 million Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s) to create the network. This constituted one of the biggest investments in Greece since the end of the Second World War. Commercial operations started on June 29, 1993 when the first call from a mobile phone took place in the country.
For the next 12 years the company became established in the Greek mobile telephony market. In 1998 TELESTET was the first Greek mobile telephony company to be listed in international stock markets, the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and the Amsterdam Stock Exchange
Amsterdam Stock Exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. It merged on 22 September 2000 with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext, and is now known as Euronext Amsterdam.-History:...
.
From September 23, 1999 TELESTET operated Iridium, the first mobile-telephony dedicated satellite in Greece.
In June 2001, TELESTET was the first telecommunications company in Greece and one of the first in the world to obtain ISO 9001:2000 Quality Management certification.
In June 2001 the operator's GPRS
General Packet Radio Service
General packet radio service is a packet oriented mobile data service on the 2G and 3G cellular communication system's global system for mobile communications . GPRS was originally standardized by European Telecommunications Standards Institute in response to the earlier CDPD and i-mode...
service went live. In July 2001 it was awarded the licence to offer a UMTS
Universal Mobile Telecommunications System
Universal Mobile Telecommunications System is a third generation mobile cellular technology for networks based on the GSM standard. Developed by the 3GPP , UMTS is a component of the International Telecommunications Union IMT-2000 standard set and compares with the CDMA2000 standard set for...
service for a concession fee of €146.7 million. The UMTS service went live on January 27, 2004.
Rebranding to TIM Hellas
On February 8, 2004, the company’s brand name changed to TIM, the name of the parent company, a part of Telecom ItaliaTelecom Italia
Telecom Italia is the largest Italian telecommunications company, also active in the media and manufacturing industries. Now a private concern listed on the Borsa Italiana, it was founded in 1994 by the merger of several state-owned telecommunications companies, the most important of which was...
and member of FreeMove
FreeMove
FreeMove is a mobile telecommunications alliance, designed to provide better service integration for its members' roaming customers. Formed in 2003, the alliance brings together Orange, Deutsche Telekom, Telecom Italia and TeliaSonera....
, the biggest telecommunications alliance in Europe that consists of the companies Orange
Orange SA
Orange is the brand used by France Télécom for its mobile network operator and Internet service provider subsidiaries. It is the fifth largest telecom operator in the world, with 210 million customers . The brand was created in 1994 for Hutchison Telecom's UK mobile phone network, which was...
(UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
/France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
), Telefónica
Telefónica
Telefónica, S.A. is a Spanish broadband and telecommunications provider in Europe and Latin America. Operating globally, it is the third largest provider in the world...
(Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
), ΤΙΜ
Telecom Italia Mobile
TIM is Telecom Italia's mobile phone brand, and runs a GSM, EDGE, UMTS and HSDPA network in Italy and Brazil.In Europe, TIM is part of the FreeMove alliance.TIM Peru was sold to América Móvil and rebranded Claro...
(Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
) & T-Mobile
T-Mobile
T-Mobile International AG is a German-based holding company for Deutsche Telekom AG's various mobile communications subsidiaries outside Germany. Based in Bonn, Germany, its subsidiaries operate GSM and UMTS-based cellular networks in Europe, the United States, Puerto Rico and the US Virgin Islands...
(Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
).
On April 4, 2005 TIM agreed to sell its 80.87% equity stake in TIM Hellas to funds advised by Apax Partners
Apax Partners
Apax Partners LLP is a global private equity and venture capital firm, headquartered in London. The company also operates out of eight other offices in New York, Hong Kong, Mumbai, Tel-Aviv, Madrid, Stockholm, Milan and Munich. The firm, including its various predecessors, have raised...
and Texas Pacific Group (TPG)
Texas Pacific Group
TPG Capital is one of the largest private equity investment firms globally, focused on leveraged buyout, growth capital and leveraged recapitalization investments in distressed companies and turnaround situations. TPG also manages investment funds specializing in growth capital, venture capital,...
. The transaction was for €1,114.1 million which valued TIM Hellas at €1,600 million or €16.43 per share. The transaction was completed following approval by state authorities in July 2005.
On January 31st 2006 WIND Hellas acquired Q-Telecom
Q-Telecom
Q-Telecom was the fourth mobile telephony provider in Greece. It began operation in June 2002.As of 2008, it called itself "Q" and called its services "MyQ."The company provided GSM phone service, supported by LMDS and backbone networks, and...
, Greece’s 4th mobile operator, for €350 million and in May 2007 the two mobile networks were merged.
Rebranding to WIND Hellas
On February 7, 2007, Apax Partners and TPG announced that TIM Hellas had been purchased outright by Weather InvestmentsWeather Investments
Wind Telecom S.p.A. , is a privately held telecommunications investment company previously 97% controlled by the Sawiris family Wind Telecom S.p.A. (former Weather Investments S.p.A), is a privately held telecommunications investment company previously 97% controlled by the Sawiris family Wind...
, the telecom holding company of Egyptian tycoon Naguib Sawiris
Naguib Sawiris
Naguib Onsi Sawiris is an Egyptian businessman and politician. He was executive chairman of the telecommunications companies Wind Telecom and Orascom Telecom Holding before turning to politics in May 2011...
, for 500 million Euros of equity plus 2.9 billion Euros of net debt. The brand name changed to WIND on June 5, 2007, in line with Italian
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
telecom operator
Telecommunication
Telecommunication is the transmission of information over significant distances to communicate. In earlier times, telecommunications involved the use of visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, and optical heliographs, or audio messages via coded...
WIND Telecomunicazioni SpA
WIND (Italy)
Wind Telecomunicazioni SpA is an Italian telecom operator which offers integrated mobile, fixed and IPTV and Internet services and has also a sister network in Greece: WIND Hellas...
.
In December 2009, Nassos Zarkalis, previously head of Hellas Online (HOL), became CEO of WIND Hellas.
On October 18, 2010 the pricipal shareholders in WIND Hellas(Mount Kellett Capital, Taconic Capital Advisers, Providence Equity Capital
Providence Equity Partners
Providence Equity Partners is a global private equity investment firm focused on media, entertainment, communications and information investments...
, Anchorage Capital Group, Angelo Gordon
Angelo, Gordon & Co.
Angelo Gordon & Company is an American private equity firm focused on making distressed investments and a hedge fund sponsor. Within its hedge fund activities, Angelo Gordon focuses on a number of alternative investment strategies...
and Eton Park International
Eton Park Capital Management
Eton Park Capital Management is a hedge fund, founded in November 2004 by former Goldman Sachs partner Eric Mindich. While at Goldman, he was a senior member of the investment bank's Principal Strategies group....
) took over the company and injected 420 million Euros to reduce debt
Debt restructuring
Debt restructuring is a process that allows a private or public company – or a sovereign entity – facing cash flow problems and financial distress, to reduce and renegotiate its delinquent debts in order to improve or restore liquidity and rehabilitate so that it can continue its...
and fund long-term development plans.
The crisis and the creditors
The economic recession in Greece caused WIND Hellas severe financial difficulties. Sawiris sold the assets of the holding company (Weather Finance III) to a group of creditors, the SSN Ad-Hoc Committee. The group of senior bondholders established a new holding company (Largo Ltd) which took full control of WIND Hellas in December 2010 and appointed a new board of directors..Possible merger with Vodafone
In late August 2011, the Greek press reported on talks between Vodafone and WIND Hellas. Vodafone Group released a statement saying the "discussions are at a very early stageWIND Hellas Subscriber Numbers
WIND Hellas issue customers with telephone numbers that begin with either 693 or 690 followed by a seven digit subscriber number. As WIND also own Q-Telecom, they can issue 699 numbers, but these are currently only allocated to new Q-Card customers. Mobile number portabilityMobile number portability
Mobile number portability enables mobile telephone users to retain their mobile telephone numbers when changing from one mobile network operator to another.- General overview :MNP is implemented in different ways across the globe...
allows customers to port their numbers to and from all Greek networks so WIND customers can also have telephone numbers that were originally allocated to Vodafone or Cosmote.