MNI makes play for part of Novator’s Netia stake

17 Dec 2008

Polish telco MNI has offered to buy a 31.3% stake in rival Netia from Icelandic private equity fund Novator. ‘We are surprised by Netia’s low margins. The goal of the transaction would be to double its EBTIDA margin and make it even bigger in the future,’ MNI chairman Piotr Majchrzak told TVN CNBC channel. A joint venture between MNI and Netia would forge a group worth some USD377 million.

Following the financial meltdown in Iceland, many analysts expect Novator, a financial vehicle of Icelandic tycoon Thor Bjorgolfsson, to be open to selling its stakes in both Netia and cellco P4 (Play). Earlier this week CommsUpdate reported that Norwegian group Telenor was rumoured to be in advanced talks to buy the wireless company.

Poland, Netia