Mergers and Acquistions News
Categories: Telecoms, Software
July 1st 2011, 16:30PM
Polish businessman Zygmunt Solorz-Zak has agreed to acquire mobile phone operator Polkomtel SA in a bid to further expand his media empire.
The billionaire has agreed to pay 15.1 billion zlotys (£3.3 billion) in cash for the second-largest mobile phone operator in Poland.
The enterprise value of the deal, which includes Polkomtel's debt and the dividend it will pay out to its shareholders, will reach 18.1 billion zlotys.
Polkomtel had a number of different stakeholders, including UK firm Vodafone which sold its 24.39 per cent stake as part of its strategy of selling its minority holdings.
"The disposal underpins Vodafone's strategy to realise value from its non-controlled assets," Vodafone said in a statement.
In addition to Vodafone, oil refiner PKN Orlen, copper-mining firm KGHM and Polish power group PGE all held significant stakes in Polkomtel.
Following approval from Poland's anti-trust regulator, the deal is expected to be completed in the fourth quarter of 2011. 
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