Four, rather than two, suitors are still in the running to buy number two Polish mobile operator Polkomtel, reports Bloomberg. This follows a report by Rzeczpospolita that Sweden’s TeliaSonera and local businessman Zygmunt Solorz-Zak were the only two…
Four, rather than two, suitors are still in the running to buy number two Polish mobile operator Polkomtel, reports Bloomberg. This follows a report by Rzeczpospolita that Sweden’s TeliaSonera and local businessman Zygmunt Solorz-Zak were the only two remaining in the process.
According to this latest report, the Telenor/Bain Capital consortium and private equity firm Apax are still in the running.
The four candidates had qualified for the next stage of negotiations after submitting second-round bids earlier this month. The next round of bids will reportedly take place 10 June.
Bloomberg quoted a source who said that judging by the four bids, the company would have an enterprise value of some PLN16-18bn (US$5.7-6.45bn).
The enterprise value reportedly includes some PLN2bn in net debt, PLN1.03bn in dividends and PZ103.7m for an antitrust fine. The company reported an EBITDA of PLN2.83bn and expects to report a similar figure this year.
TeliaSonera is advised by BoA Merrill Lynch; Zygmunt Solorz-Zak is advised by Trigon, Credit Agricole and Deutsche Bank; Telenor is advised by Barclays; Bain Capital is advised by BNP Paribas and Apax is advised by Morgan Stanley
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 coordinating the pool of advisers.
