Second-round bids for the sale of mobile operator Polkomtel are due by May 6, sources confirmed.
A management presentation is understood to be scheduled in the second week of April.
Seven candidates have been shortlisted to conduct the due diligence of…
Second-round bids for the sale of mobile operator Polkomtel are due by May 6, sources confirmed.
A management presentation is understood to be scheduled in the second week of April.
Seven candidates have been shortlisted to conduct the due diligence of the company. Polish businessman Zygmunt Solorz- Zak (advised by Trigon, Credit Agricole and Deutsche Bank), TeliaSonera (advised by BoA Merrill Lynch), Telenor (reportedly advised by Barclays), KKR (thought to be advised by Citigroup), Providence (advised by UBS), Bain Capital (advised by BNP Paribas) and Apax (advised by Morgan Stanley) are said to be conducting due diligence.
According to TelecomFinance sources, Apax and Bain Capital were considering joining forces. Providence was also said to be looking for a partner and media reports suggested that it had teamed up KKR.
Solorz-Zak is reported to have placed the highest bid at PLN18bn (US$6.5bn).
Sources said that he is considering bringing private firms on board, but that any such party is unlikely to include the shortlisted private equity candidates, which would not be interested in the passive participation on offer.
KGHM, PKN Orlen, and Vodafone each have a 24.39% stake in Polkomtel, with PGE holding 21.85% and Weglokoks 4.98%.
PKN Orlen is advised by Nomura, while PGE appointed ING.
KGHM is advised by Rothschild, and Vodafone hired Goldman Sachs. Nomura is said to be coordinating the pool of advisers.
Polkomtel will reportedly give its PLN1.1bn (US$395m) 2010 profit to its current shareholders before completing the sale.
