Solorz-Zak to tie up Polsat and Polkomtel

Polish media group Cyfrowy Polsat has agreed to purchase wireless operator Polkomtel in a PLN5.15 billion (USD1.65 billion) all-share deal, Bloomberg writes. Cyfrowy Polsat will issue 243.9 million shares at PLN21.12 each to acquire an 84% stake in Cyprus-based Metelem Holding Company and may also offer a further 47.3 million shares to the European Bank for Reconstruction and Development, which controls the remaining 16%, if the bank decides to take part in the deal. Both Cyfrowy Polsat and Metelem are controlled by Polish billionaire Zygmunt Solorz-Zak. The deal is expected to be completed in Q2 2014, with plans to refinance Polkomtel’s debt by 2016.