News

BRITISH venture capital firm Apax Partners is remaining tight-lipped over rumours it is heading a group to buy Greek flag carrier Olympic Airways.

The company is believed to have teamed up with a group of US investors to bid for the carrier, which is seeking a buyer after relaunching in December last year.

Olympic made heavy losses in its previous guise but the Greek government, which currently owns the airline, is hoping to find a buyer before the Olympic Games opens in Athens in August.

An Apax spokeswoman said: “We never comment on individual cases until something is concrete because we are always talking to different companies.”

An official at the Greek transport department confirmed talks were ongoing with “a number” of parties, but said nothing would happen before the Greek elections next month.

Olympic is expected to fetch a price of around £100 million.