Four bidders in second round Emitel auction

Montagu Private Equity, which is advised by Goldman Sachs, has selected four second round bidders for Polish telco Emitel, TelecomFinance has learnt.
Binding bids are due in late November, according to two sources.
One of the sources said…

Montagu Private Equity, which is advised by Goldman Sachs, has selected four second round bidders for Polish telco Emitel, TelecomFinance has learnt.

Binding bids are due in late November, according to two sources.

One of the sources said infrastructure funds Alinda Capital Partners, EQT, and Antin Infrastructure were chosen for the final round, as well as Qatar Holdings, which is seen as a surprise bidder.

TelecomFinance reported previously that Axa Private Equity, Arcus Infrastructure Partners, and First State Investments had also shown interest in the asset, but those are said to be no longer in the running.

Montague acquired infrastructure operator Emitel in 2011 for €425m. People familiar with the market have described Emitel as an attractive asset which has increased in value following the completion of the digital switchover in Poland.

Even though Montagu bought the asset only two years ago it might now be able to sell the asset for between €600m and €700m, one person suggested, equalling 10-11x EBITDA.

One source commented that Qatar Holdings could outbid the infrastructure funds if it wanted to, claiming that Montagu would sell to the highest bidder. Qatar Holdings did not reply to requests for comment.

Montagu was unable to comment before the press deadline.