Polkomtel owner buys out Midas

1 Mar 2016

Polish media and utilities tycoon Zygmunt Solorz-Zak has improved his position in the country’s telecoms sector, with his media unit Cyfrowy Polsat buying a majority interest in infrastructure firm Midas and making an offer for the remaining shares in the company. Cyfrowy, which already controls mobile operator Polkomtel, has offered just EUR1 (USD1.1) to acquire 66% of Midas from Cyprus-based Litenite, which is also part of Solorz-Zak’s empire. The main cost of the acquisition comes in the form of the assumption of debt, which totals PLN788 million (USD198 million). Cyfrowy is meanwhile offering to buy all remaining shares for PLN0.81 each, which represents an 11% mark-up on the share price at the end of last week. The broadcaster hopes to finalise the acquisition by the end of April, Reuters reports.

Midas, which operates under the brands Centernet and Aero2, owns licences giving access to wireless broadband spectrum in the 800MHz, 900MHz and 1800MHz bands, which will be crucial to Polkomtel’s expansion. Cyfrowy says it expects network expansion expenditure of up to PLN1 billion between 2016 and 2018.

Poland, Aero2, CenterNet, Cyfrowy Polsat, Plus (Polkomtel)