Private equity firm KKR has withdrawn from the sale process of Polish mobile operator Polkomtel, according to a Reuters report that quotes a source close to the deal.
KKR, thought to be advised by Citigroup, was among the seven candidates which had been…
Private equity firm KKR has withdrawn from the sale process of Polish mobile operator Polkomtel, according to a Reuters report that quotes a source close to the deal.
KKR, thought to be advised by Citigroup, was among the seven candidates which had been shortlisted to conduct due diligence. The other shortlisted bidders are Zygmunt Solorz-Zak (advised by Trigon, Credit Agricole and Deutsche Bank), TeliaSonera (advised by BoA Merrill Lynch), Telenor (reportedly advised by Barclays), Providence (advised by UBS), Bain Capital (advised by BNP Paribas) and Apax (advised by Morgan Stanley).
The latter two are said to be looking at teaming up.
Solorz-Zak, which is reported to have placed the highest bid at PLN18bn (US$6.5bn), is understood to consider bringing private equity firms on board, but only for a passive participation.
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 understood to be coordinating the pool of advisers.
KKR declined to comment.
