Poland's Solorz-Zak To Buy Telecom Polkomtel For PLN15.1 Billion -Sources
June 30 2011 - 5:51PM
Dow Jones News
Polish businessman Zygmunt Solorz-Zak has signed a deal to buy
Polish mobile operator Polkomtel SA for 15.1 billion zlotys ($5.43
billion), three Polkomtel shareholders said in separate statements
late Thursday.
Solorz-Zak was competing for the company, one of three major
mobile phone operators in Poland, with private equity firm Apax and
Norway's Telenor ASA (TEL.OS), according to people familiar with
the matter, and securing the deal significantly expands his media
and communications empire.
According to enterprise value, which includes Polkomtel's debt
and the dividend it will pay out to its shareholders, the
transaction was worth PLN18.1 billion, said KGHM Polska Miedz SA
(KGH.WA), PGE Polska Grupa Energetyczna SA (PPOLF) and PKN Orlen SA
(PKN.WA).
The sale of Vodafone Group PLC's (VOD) 24.39% stake in Polkomtel
completes the mobile giant's year-long campaign of shedding
minority holdings, leaving Chief Executive Vittorio Colao free to
focus on how to make the most of surging demand for mobile data and
from the company's vast operations across Europe, India and
Africa.
Polkomtel's other shareholders include oil refiner PKN Orlen and
copper mining company KGHM, which both own 24.39%, as well as
Poland's largest power group PGE, which holds a 21.85% stake. The
Polish Treasury holds stakes in the three owners of 27.52%, 31.79%
and 69.29%, respectively.
The remaining shareholder is Polish coal mining company
Weglokoks SA, which is wholly owned by the Polish Treasury and
holds a 4.98% stake.
-By Marynia Kruk, Dow Jones Newswires; +44 207 842 9290;
lilly.vitorovich@dowjones.com
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