USD6.32 billion bid for Polkomtel entered

4 Mar 2011

Reuters is reporting that Polish media and energy investor Zygmunt Solorz-Zak has placed a bid worth more than PLN18 billion (USD6.32 billion) for Polish wireless network operator Polkomtel. Citing daily newspaper Rzeczpospolita, the report suggests the businessman Solorz-Zak has made the highest bid so far for the telecoms company. The bid is above the highest valuation of Polkomtel, prepared by BZ WBK brokerage for one of the cellco’s shareholders, the daily says. The shortlist of bidders who will conduct due diligence will be ready within the next few days, it added.

Solorz-Zak is one of the richest people in Poland and holds a controlling stake in listed pay-TV operator Cyfrowy Polsat SA and commercial broadcaster Telewizja Polsat. He also holds stakes in a pension fund and a retail bank, as well as telecommunications and electricity firms.

Polkomtel’s current shareholders are Vodafone Group, Polish oil refiner PKN Orlen and copper mining group KGHM Polska Miedz, each with 24.39% stakes. Polish power utility PGE Polska Grupa Energetyczna owns a 21.85% stake while coal miner Weglokoks holds 4.98%.

Poland, Plus (Polkomtel)