Polish telecoms services provider Hawe and local telco Mediatel have ended an agreement for the former to take control of the latter.
Warsaw-listed Hawe announced in a stock exchange filing that the agreement, dated 27 May, was terminated by mutual…
Polish telecoms services provider Hawe and local telco Mediatel have ended an agreement for the former to take control of the latter.
Warsaw-listed Hawe announced in a stock exchange filing that the agreement, dated 27 May, was terminated by mutual agreement. Hawe said the parties had failed to agree on final terms.
The agreement would have seen Mediatel, controlled by Magna Polonia and based in Warsaw, issue up to 212 million new shares to Hawe at up to PLN2 (US$0.60) each, or a total PLN424m (US$129.2m). The new shares were to be offered in exchange for a contribution in kind consisting of 100% of the share capital of Hawe’s subsidiary Hawe Telekom. The deal, which was subject to due diligence and corporate and regulatory approvals, would have given Hawe a 94.7% stake in Mediatel.
Hawe said the cancellation of the agreement has not had financial consequences for the company.
It is not the first deal Hawe has failed to complete this year. In consortium with IT Polpager, the company was in exclusive talks to acquire state-owned railway company PKP’s telecoms unit TK Telekom. PKP suspended the sales process in February, saying received offers were unsatisfactory.
