LONDON, June 15 /PRNewswire/ -- Troy GAC Telecommunications S.A., an acquisition company incorporated in the Hellenic Republic, owned by private equity funds advised by Texas Pacific Group ("TPG") and Apax Partners ("Apax") today announced the successful closing of the acquisition of a controlling stake in TIM Hellas Telecommunications S.A. ("TIM Hellas") from TIM International N.V. previously announced on April 4, 2005.

After receiving the necessary approvals, including approval of the Greek NTPC and the European Commission Competition Authority, Troy GAC Telecommunications S.A. acquired the 80.87% equity stake in TIM Hellas for EUR16.42475 per share in cash, or approximately EUR1.114 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 (1) 16,045,599 19.13% (1) 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 - 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 EUR16.42475 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.

About TIM Hellas

TIM Hellas Telecommunications S.A. (NASDAQ: TIMHY ; Amsterdam: TIMHY) was incorporated in Greece on July 28, 1992 to provide GSM mobile telecommunications services in Greece, in accordance with the provisions of the Greek telecommunications law.

Since February 2004, the company operates under the "TIM" brand name and offers network access and related value-added services. TIM Hellas has been offering full commercial GPRS services since June 2001, and obtained a UMTS license in July 2001. TIM name and trademark is licensed by TIM Italia S.p.A.

At December 31, 2004, TIM Hellas had 2.3 million customers. For the 2004 financial year TIM Hellas reported sales of approximately EUR830 million and operating income of approximately EUR121 million.

TIM Hellas is traded on the NASDAQ and Euronext Amsterdam.

About Apax Partners Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel. Apax Partners has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.

Apax Partners' Funds invest in companies across its 6 chosen global sectors of telecommunications, IT, retail and consumer, media, healthcare and financial/business services. Apax Partners' Funds investments include Inmarsat, Intelsat, Audible, Dialog Semiconductor, Frontier Silicon, Jamdat, Kabel Deutschland, Sonim Technologies and Yell. For more information visit: www.apax.com.

About Texas Pacific Group

Texas Pacific Group (TPG) is a leading global private equity firm. TPG manages over $15 billion in committed equity capital, and in the course of its history, has completed more than 65 transactions. TPG recently raised TPG Partners IV LP, a $5.8 billion private equity fund. TPG was one of the first major US-based private equity firms to establish a European business and in recent months TPG has invested over $1 billion of equity in transactions with an aggregate enterprise value of $15 billion, including Debenhams, Scottish & Newcastle Retail (Pubs), Grohe, Isola (from Rutgers/RAG) and Eutelsat. TPG's European investments also include Ducati, Findexa and Spirit Group.

TPG holds investments in the technology and telecommunications sector with investments in Eutelsat, Findexa, MEMC Electronic Materials (WFR), Seagate Technology (STX), ON Semiconductor (ONNN), Paradyne Networks (PDYN), GlobeSpanVirata (GSPN), Crystal Decisions/Business Objects (BOBJ).

For further information on Apax Partners, please contact: Juliana Wheeler, Tel: +44-(0)20-7872-6350 or Lorella Cremonesi, Tel: +39-02-76211 9207, both of Apax Partners. For further information on Texas Pacific Group, please contact: Owen Blicksilver, Owen Blicksilver Public Relations, Tel: +1-(516)-742-5950. For Greek media support please contact: Nicole Ioannidi, Advocate/ Burson-Marsteller, Tel: +30-212-9559317

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