Poland’s Hawe Group is combining its telecoms unit Hawe Telekom with subsidiary Mediatel in a deal worth PLN527m (US$171.75m).
Hawe said in a stock exchange filing today that its board has decided to transfer 100% of Hawe Telekom shares to Mediatel in…
Poland’s Hawe Group is combining its telecoms unit Hawe Telekom with subsidiary Mediatel in a deal worth PLN527m (US$171.75m).
Hawe said in a stock exchange filing today that its board has decided to transfer 100% of Hawe Telekom shares to Mediatel in line with its 2013-2017 company strategy. Hawe said the purpose of the transaction is to consolidate its telecoms operations within Warsaw Stock Exchange-listed Mediatel.
Mediatel will issue 1.054 billion new shares to Hawe at PLN0.50 (US$0.16) per share as payment for the telecoms unit. As such, Hawe will increase its stake in Mediatel from 65.97% to close to 100%. Polish takeover laws therefore require Hawe to launch a tender offer for the remaining shares.
Hawe said it will maintain Mediatel’s stock exchange listing.
Maciej Borkowski, an investment adviser with Pekao CDM in Warsaw, said Hawe likely wants its telecoms unit to be traded publically so it will be easier to sell part of it later. This, in turn, would enable it to raise funds for investments for its FTTH project.
Hawe agreed to acquire its 65.97% stake Mediatel in September. Mediatel simultaneously withdrew it motion for bankruptcy.
