Polish daily Parkiet reports that Polkomtel, operator of the Plus and Sami Swoi mobile networks, has commenced a due diligence process for domestic alternative fixed line operator Telefonia Dialog.
Telefonia Dialog has been wholly owned by Polish mining firm Kombinat Gorniczo-Hutniczy Miedzi (KGHM) since 2000, although the current owner has long been interested in selling the unit, which it values at USD260.4 million. The paper quotes KGHM’s chief executive, Herbert Wirth, as saying that Polkomtel is undertaking due diligence at Dialog and may eventually submit a bid.
In December 2007 KGHM revealed plans to list Dialog on the Warsaw Stock Exchange in the first half of 2008, with the aim of lowering the conglomerate’s holding to no less than 65%. However, in light of the global economic downturn, in October 2008 the mining company said it would delay the IPO until economic conditions improved. In January 2010 rival Polish telco Netia’s CEO Miroslaw Godlewski said he was interested in buying Dialog, shortly after KGHM had indicated it would ideally prefer to sell shares to a strategic buyer rather than via an IPO. However, although Telefonia Dialog, has been in talks with Netia for the sale of its 100% stake in the fixed line operator, according to Wirth, Polkomtel has now been given priority in the negotiations.
Polkomtel posted a net profit of PLN347 million (USD112 million) for Q2 2010, down 8.4% year-on-year.