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Novator sells 31% of Netia, report says

9 Mar 2009

According to Reuters, Icelandic investment fund Novator has sold a 31% stake in Polish telco Netia to several financial investors. Some 118 million shares in Netia changed hands during Friday’s session on the Warsaw Stock Exchange in 28 transactions with a volume amounting to PLN590 million (USD158 million). Both Novator and Netia have declined to comment.

Following the financial meltdown in Iceland, many analysts expected Novator, a financial vehicle of Icelandic tycoon Thor Bjorgolfsson, to be open to cashing out of Netia and its 75% stake in P4, Poland’s fourth wireless network operator. In December Polish telco MNI said it had offered to buy Novator’s stake, while Crowley Data Poland and investment fund NFI Magna Polonia were also named as potential bidders.

Poland, Netia

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