Polish pay-TV and broadband provider Cyfrowy Polsat is set to increase its stake in local telco Netia to above 65%. Polsat is paying PLN338.8 million (USD92.6 million) to acquire 58.71 million shares from Karswell, a company registered in Cyprus and owned by Polsat shareholder Zygmunt Solorz-Zak. The deal – which is set to take place on 2 October – will take Polsat’s interest in Netia from 48.48% to 65.98%.
In December 2017 Polsat announced that it had offered PLN638.8 million to acquire a 32% stake in Netia, with a tender planned for further shares in the second stage of the transaction. Polsat said the move was designed to boost its converged fixed, mobile and pay-TV offerings. The deal was approved by competition regulators in May 2018.