The European Bank for Reconstruction and Development (EBRD) will acquire a 16.2% stake in Polish mobile operator Polkomtel for up to E200m equivalent in Polish Zloty.
The price will be finalised closer to the transaction completion after technicalities…
The European Bank for Reconstruction and Development (EBRD) will acquire a 16.2% stake in Polish mobile operator Polkomtel for up to E200m equivalent in Polish Zloty.
The price will be finalised closer to the transaction completion after technicalities and paperwork are fixed, EBRD spokesperson Ina Coretchi said.
The bank announced in August its intention to take equity in Metelem Holding, the vehicle controlled by the Polish entrepreneur Zygmund Solorz-Zak which has agreed to buy Polkomtel, and the project has now been approved and signed by the board.
On 30 June, Solorz-Zak agreed to buy the second largest mobile operator of the country for PLN18.1bn (E4.5bn).
“The EBRD financing will also help Polkomtel to accelerate the launch of 4G mobile broadband services, currently unavailable in Poland. In addition, the project will strengthen Polkomtel’s corporate governance and improve management efficiency,” the bank said
Credit Agricole and Deutsche Bank were global coordinators of the PLN13.3bn (E3.33bn) debt package for the acquisition, while RBS and SG were bookrunners. PKO BP was initial mandated lead arranger.
Solorz-Zak was advised by Trigon, Credit Agricole and Deutsche Bank on the financial side and by Dewey & LeBoeuf on the legal side.
KGHM, PKN Orlen, and Vodafone each have a 24.39% stake in Polkomtel, with PGE holding 21.85% and Weglokoks 4.98%.
PKN Orlen was advised by Nomura and Clifford Chance, while PGE appointed ING and Allen & Overy.
KGHM was advised by Rothschild and Gide Loyrette Nouel, and Vodafone hired Goldman Sachs and K&L Gates.
The transaction is expected to close in Q4.
