Polish power company Grupa Energetyczna (PGE) has said it might decide to keep its telecoms unit Exatel after attempts to sell it failed.
This is according to a Reuters report citing PGE deputy chief executive Boguslawa Matuszewska.
PGE launched a…
Polish power company Grupa Energetyczna (PGE) has said it might decide to keep its telecoms unit Exatel after attempts to sell it failed.
This is according to a Reuters report citing PGE deputy chief executive Boguslawa Matuszewska.
PGE launched a tender for the telecoms unit in October 2010, mandating PwC to act as financial adviser. The following month, the company announced it had shortlisted two candidates: local mobile operator Polkomtel and local fixed-line operator and ISP Mediatel.
However, Mediatel said in December 2010 it had withdrawn from the tender. Company CEO Miroslaw Jansiewicz was quoted by newswires at the time as saying Mediatel felt the tender process lacked transparency, pointing out that its financial partners had not been allowed to complete due diligence.
Marek Szostek, vice president of PGE’s management board for development, said in the statement the company attributed Mediatel’s decision to “ownership relations” it had with local fixed-line operator Netia, which reportedly also submitted a preliminary bid for Exatel. Bids from Netia and infrastructure-based telco GTS Central Europe were reportedly rejected.
In January 2011, PGE announced its board had decided to annul the sale procedure as no binding offers had been submitted by the prescribed deadline. However, the company stated the sale of Exatel remained an “integral” part of its strategy to gradually dispose of non-core assets.
PGE was not immediately available for comment.
