Poland’s state-owned PKP Group is in exclusive negotiations with locally-based Hawe Telekom and IT Polpager over their joint bid for of its 47.91% stake in TK Telekom.
The PKP board said it has granted the Hawe-led consortium exclusive negotiating…
Poland’s state-owned PKP Group is in exclusive negotiations with locally-based Hawe Telekom and IT Polpager over their joint bid for of its 47.91% stake in TK Telekom.
The PKP board said it has granted the Hawe-led consortium exclusive negotiating rights for a limited time after examining all bids for the stake, which is expected to command a price of about PLN400m (US$112.14m).
If an agreement with the consortium is not reached within the timeframe, PKP said it will begin parallel talks with two other bidders: GTS Poland and Netia Exatel.
PKP expects the sale will be completed by the end of the year.
The group’s advising consortium consists of Access CF, Grupa Konsultingowa Jagiello Wrebiak i Wspolnicy and Business Consulting.
Hawe notified the Warsaw Stock Exchange in late May that it would lead the consortium in the TK Telekom tender process and that IT Polpager – linked to Polish media mogul Zygmunt Solorz-Zak – had agreed to contribute PLN50m (US$14m). Hawe did not state how much it would contribute.
Originally set for 9 March, the deadline for bids for TK Telekom, one of the largest backbone network operators in Poland, was postponed several times.
The Polish state treasury owns the remaining 52.09% stake in TK Telekom which posted net profit in 2011 of PLN11.3m (US$3.377m) and EBITDA of PLN73.9m (US$22.1m).
