Tender Called for Galileo Hellas Sale

Government and its consultant firm, Lazard, along with three banks (National, Emboriki, Alpha), published a call for tenders last month in foreign financial papers for the sale of Olympic Airlines’ subsidiary company Galileo Hellas. Parties have until May 10 to submit an interest in purchasing the company.

An unsuccessful effort was carried out some four years ago when the consulting firm was that of Deloitte & Touche Finance. At that time, eight groups, including the owners of Galileo International, had submitted interest but that’s as far as it went.

Galileo Hellas, established in February 1991, is the National Distribution Company (ΝDC) of Galileo International, and a subsidiary company of Olympic Airlines. Since 1996, Galileo Hellas has had a local presence in Thessalonica and Cyprus, with the establishment of two branch offices. In 2000 Galileo Hellas began to expand its activities in the Balkan region and Israel by taking the lead for the marketing, sales and support of the Galileo system in the territory.

The company has been one of the largest private telecommunications networks in Greece, which is used for the distribution of Galileo Hellas’ products as well as to cover the needs of the tourism sector by providing various network services.