Pay to Play: Chinese bank agrees loan with Polish cellco

19 Jun 2008

China Development Bank has agreed to lend EUR640 million (USD993 million) to Poland’s newest wireless network operator, in a deal believed to mark the bank’s first foray into eastern Europe. The financial backing forms part of a EUR1.1 billion capital injection for 3G network operator Play, in a tie-up involving Chinese equipment manufacturer Huawei. Play is 78% owned by Iceland-based firm Novator with the remainder owned by Tollerton Investments. As part of the refinancing deal, the shareholders will commit EUR460 million of equity funding.

Poland, Play (P4)