ECONOMY

PPC sells Tellas to Sawiris

Listed power utility Public Power Corporation (PPC) said yesterday it has accepted an offer by Egyptian billionaire Naguib Sawiris’s Weather Investments SpA for its stake in telecom unit Tellas. «PPC’s board decided to accept the offer… of -175 million,» PPC said in a stock market filing. PPC, which holds 50 percent minus 1 share of the telecom company, will sell its stake to Weather’s Wind PPC Holding NV and will continue to lease its network to Tellas. Sawiris, who also owns Greece’s third-largest mobile phone operator Wind Hellas as well as Q-Telecom, has said he plans to combine Wind and Tellas and then expand their fixed-line and broadband services. Sawiris, who is also chairman of Orascom Telecom, has indicated he is eyeing an expansion of his interests in Greece beyond the telecoms sector. Tellas is Greece’s second-largest fixed-line telecom provider.