Polkomtel up for sale

14 May 2010

Dow Jones Newswires reports that PKN Orlen and other shareholders of Polish cellco Polkomtel have agreed to jointly offer 75.5% of the company for sale. PKN Orlen chief executive Jacek Krawiec said he saw a chance to close the transaction by the end of this year or early next year. He added that negotiations with potential buyers have not yet started as other key shareholders of Polkomtel – power group Polska Grupa Energetyczna (PGE) and copper producer KGHM – have only recently selected their advisers for the deal. ‘We are now preparing a memorandum of information for potential investors,’ Krawiec told a news briefing. He said the deal would involve selling shares to a strategic investor, while some of Polkomtel shares could be sold on the stock market. Analysts estimate that the value of Polkomtel could top EUR4 billion (USD5.03 billion).

Poland, Plus (Polkomtel)