TIM Hellas Announces Completion of Acquisition of Controlling Stake by New Shareholder.
ATHENS, Greece -- TIM TIM Timothy
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TIM Telecom Italia Mobile (Italian cellular provider) Hellas Telecommunications S.A. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TIMHY)(Amsterdam:TIMHY) today announced the successful closing of the acquisition of a controlling stake from TIM International N.V. by Troy GAC GAC Great American Country
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GAC Gustavus Adolphus College (St. Telecommunications S.A., an acquisition company incorporated in the Hellenic Republic, owned by private equity funds advised by Apax Partners and Texas Pacific Group, previously announced on April 4, 2005.
After receiving the necessary approvals, including approval of the Greek NTPC NTPC National Thermal Power Corporation (India)
NTPC Northwest Territories Power Corporation
NTPC Northwest Territories Power Corporation (Canada)
NTPC Navy Training Plan Conference and the European Commission Competition Authority, Troy GAC Telecommunications S.A. acquired the 80.87% equity stake in TIM Hellas for EUR EUR
In currencies, this is the abbreviation for the Euro.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 16.42475 per share in cash, or approximately EUR 1.114 billion.
As a result of the transaction, TIM Hellas' shareholder structure is as follows:
Amount Percent Shareholder Owned Ownership ------------------------------------------------------------------ Troy GAC Telecommunications S.A. 67,831,121 80.87% Free Float (a) 16,045,599 19.13%
(a) N.V. Algemeen Nederlands Trustkantoor ANT is the custodian representing the TIM Hellas
ADRs and DDRs traded on the NASDAQ and Euronext Amsterdam stock exchanges.
Additionally, as stated in the acquisition agreement, five members of the Board of Directors have been replaced. The new Board of Directors of TIM Hellas is as follows:
--Stylianos Argyros, Chairman of the Board of Directors
--Socrates Kominakis, Managing Director and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.
--Philippe Costeletos, Member
--Giancarlo Aliberti, Member
--Matthias Calice, Member
--Salim Nathoo, Member
--Katerina Karatza, Member
Troy GAC Telecommunications S.A. reiterated its intention to acquire the remaining shares of TIM Hellas at the same price of EUR 16.42475 per share, through a cash merger under Greek law. It is anticipated that the process required to complete such a merger will take approximately six months.
Further information will be made available to shareholders in due course.
TIM name and trademark is licensed by TIM Italia S.p.A.
TIM Hellas Telecommunications SA (Nasdaq: TIMHY; Amsterdam: TIMHY) is at the forefront of mobile communications in Europe
• • [ and its brand stands for innovative products and services. The company's stock is publicly traded on the Nasdaq and Amsterdam exchanges.