Public Power Corporation’s (PPC) interest in Tellas is held through PPC Telecoms’s investment in the Dutch company Wind PPC Holding. PPC will sell its stake in Tellas to Weather Investments for E175 million ($240 million), the company said.
According to the Associated Press, Weather Investments is the holding firm belonging to Egyptian telecoms mogul Naguib Sawiris and his family. The publication reported that the company, which holds the shares of Tellas not owned by PPC, had been negotiating with the power firm for some time about acquiring the remaining shares of the telecoms company.
The Associated Press revealed that the two sides had previously been unable to agree upon a price for the Tellas stake.
PPC has also decided to continue network rental to Tellas, while Tellas will continue to provide telecom services to PPC.
