Vivendi secures EUR1.25bn PTC payout

15 Dec 2010

Vivendi will receive EUR1.25 billion (USD1.70 billion) under an agreement that ends a dispute with Deutsche Telekom (DT) over the ownership of Polish telecommunications group Polska Telefonia Cyfrowa (PTC). Under an accord with DT and the creditors and primary shareholder of Poland’s Elektrim, Vivendi will acknowledge the Germany telco as the sole owner of PTC, ending a dispute which has been ongoing since 1999. Back then, Vivendi spent EUR2 billion to buy a stake in PTC through a joint venture with Elektrim. DT claimed the deal violated a shareholders accord it had with Elektrim, a Polish power and telecommunications group that is undergoing bankruptcy proceedings at present.

Poland, Deutsche Telekom (DT), T-Mobile Poland, Vivendi