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Panafon Hellenic Tel (PFHD)

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Monday 07 February, 2000

Panafon Hellenic Tel

Discussions re Acquisition

Panafon Hellenic Telecom Co S.A.
7 February 2000

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA
OR JAPAN
                              
 PANAFON TO ACQUIRE MAJORITY STAKE IN IDEAL TELECOM'S SHARE
                           CAPITAL

Panafon   Hellenic  Telecommunications  S.A.,  the   leading
provider  of  mobile telecommunication services  in  Greece,
announces that it is in the final stages of discussions  for
the participation in the anticipated share restructuring  of
IDEAL TELECOM S.A.'s ('IDEAL TELECOM') issued share capital,
which  will  result in a 51% shareholding in IDEAL  TELECOM,
following the completion of all legal procedures.
                              
IDEAL  TELECOM, which is an affiliate of the IDEAL group  of
companies  ('IDEAL Group'), is currently one of the  fastest
growing  companies   in  the provision  of  premium  quality
integrated telecommunications services to a large number  of
companies, both in Greece and abroad.

The main shareholder of IDEAL Group is the LEVENTIS group of
companies  ('LEVENTIS Group'), an international  group  with
operations  in  eight  different  sectors  of  domestic  and
international    business   life    (telecommunications    &
information  technology, transportation, tourism,  shipping,
retail  distribution etc.). The LEVENTIS Group  is  actively
present in more than 160 operations in 17 countries all over
the world.

This  important co-operation between PANAFON and IDEAL Group
will  enable  the  two  groups to work closely  together  to
further  develop  their  activities  in  the  area  of  Data
Communications  (connectivity for data transmission  between
corporate  customers).  IDEAL TELECOM,  which  is  currently
responsible   for   the   implementation    of    all    the
telecommunications  activities of  the  IDEAL  and  LEVENTIS
Groups,  will act as a Service Provider for PANAFON  in  the
data communications market.

According  to  George Koronias, CEO of PANAFON  Group  'With
this  venture, we join forces both in Greece  and  in  other
markets,  with  a  very important group  of  companies  that
presents excellent synergies for both parties involved.  For
PANAFON,   this  new  co-operation  confirms  the  company's
dominant  position  in  the telecoms  market  and  also  its
initiative  in  leading  all the  new  developments  of  the
communications sector in the country'.

For more information, please contact:

George Stefanopoulos
Panafon  S.A
Tel:  +30 1 616 0061

Lulu Bridges
Tavistock Communications
Tel:  +(44) 171 600 2288

Nicolas Bornozis
Capital Link
Tel: + (212) 661 7566


NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA
OR JAPAN
This  press-related material does not constitute or  contain
an  offer or solicitation of an offer of securities  in  the
United  States or elsewhere.  The securities are  not  being
registered  under the Securities Act and may not be  offered
or  sold  in  the  United States absent registration  or  an
exemption from registration.
This  document  may only be issued or passed in  the  United
Kingdom  to  a person who is of a kind described in  Article
11(3)   of  the  Financial  Services  Act  1986  (Investment
Advertisements) (Exemptions) Order 1996 (as amended) or is a
person to whom the document may otherwise lawfully be issued
or passed on.
          
  
  Notes to Editors:

1.   Panafon's  shares  are  quoted  on  the  Athens   Stock
     Exchange  and  its GDSs are quoted on the London  Stock
     Exchange.   The  shares  began  trading  on  Monday   7
     December 1998.
2.   Panafon has 512,500,000 shares in issue.
3.   Panafon is a shareholder in:
          Panavox                  100.00 per cent
          Radio Korassidis Telecom 26.11 per cent
          Unifon                   19.01 per cent
          Mobitel                  25.01 per cent
                                   (following completion  of
                                   legal procedures)

4.   Panafon  was awarded a licence to operate a GSM network
     in Greece for a period of 20 years in August 1992.  The
     network commenced operations on 1 July 1993.
5.   Panafon's shareholding structure is as follows:
          Vodafone AirTouch plc    55 per cent
          France Telecom S.A       3 per cent
          Intracom S.A.            10 per cent
          Free float               32 per cent

PANAFON listings:
Shares:  Athens  SE,  Reuters PANr.AT.  Bloomberg  PANF  GA.
Nominal value GRD 100. ISIN GRS 307 333 005. SEDOL 556 0349.
GDRs: LSE . Reuters PANq.L. Bloomberg PFH GR, PFHD LI.  ISIN
US 6981 132 060. SEDOL 556 0361.
Rule  144A: Bloomberg Nasdaq 2250Q US. ISIN US 6981 131 070.
SEDOL 230 2629
Indices:  FTSE/ASE  20,  FTASE,  3.267%.  Bloomberg  Europe,
BE500, .140%.
BBG  Eur  Telecom, BETELES, 1.190%. BBG Europ Techn, BETECH,
1.237%.



                                                                                                                                            

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