Members of the management board of Polish fibre optic network operator Hawe have agreed to buy a17.58% stake in the company.
A preliminary agreement was signed between Hawe board chairman Pawel Sobhow, vice chairman Pawel Paluchowski, Whitestone Capital…
Members of the management board of Polish fibre optic network operator Hawe have agreed to buy a17.58% stake in the company.
A preliminary agreement was signed between Hawe board chairman Pawel Sobhow, vice chairman Pawel Paluchowski, Whitestone Capital and shareholder Trinitybay Innvestments, the telco said in a stock exchange filing. Luxembourg-based Whitestone Capital is supporting the management buyout process.
Management is set to acquire 18.85 million shares in the Warsaw-listed telco, but this may be increased.
Subject to further talks, Trinitybay – Hawe’s largest single shareholder with a 26.1% stake – will transfer shares to Brunstane, to be renamed as Whitestone Optics, before selling 100% of Brunstane to Sobkow, Paluchowski and Whitestone.
Hawe management members are expected to provide further details on the transaction in the near future.
Polish investment advisory holding Powszechne Towarzystwo Inwestycyjne (PTI) recently abandoned plans to buy a 33.86% stake in Hawe. PTI said talks with Trinitybay and co-shareholder Marek Falenta had failed as the parties had been unable to agree on the terms of the planned transaction.
At the time of writing, Hawe’s shares were up 4% to PLN2.08 each, which would value the 17.58% stake at PLN39.2m (US$10.6m).
Hawe Telekom uses its fibre optic network to provide telecoms services to other operators, including mobile, fixed-line, cable and internet providers.
