Polish fibre optic networks operator Hawe aims to raise PLN350m (US$107.7m) in an issue of new shares to help fund its proposed takeover of state-owned TK Telekom in consortium with IT Polpager.
Warsaw-based Hawe confirmed in a statement it aims to…
Polish fibre optic networks operator Hawe aims to raise PLN350m (US$107.7m) in an issue of new shares to help fund its proposed takeover of state-owned TK Telekom in consortium with IT Polpager.
Warsaw-based Hawe confirmed in a statement it aims to attract a strategic investor to help fund the planned acquisition of 100% of the shares of TK Telekom. The company is being sold by state-owned PKP SA, which holds a 47.91% stake in TK, and the Polish treasury, which owns the remainder. The target is expected to fetch around PLN400m (US$112m).
Earlier this week a local media report had claimed that Carlos Slim’s America Movil (AMX) is among the parties interested in taking a stake in Hawe, alongside an unidentified telecoms operator and two private equity firms. Hawe is listed on the Warsaw Stock Exchange and has a current market value of PLN461.12m (US$106.5m).
Hawe intends to adopt formal resolutions on the share issue at an extraordinary shareholder meeting, set to take place on 18 September. Newly-issued shares will be offered to the strategic investor once the company has completed due diligence on TK Telekom and finalised relevant details with PKP, Hawe stated. The company noted that the terms and conditions upon which the remaining funds will be acquired have already been agreed upon with banks.
In late July PKP had entered into exclusive deal negotiations with Hawe and bid partner IT Polpager, although PKP said at the time it would commence parallel talks with rival bidders GTS Poland and Netia if no agreement was reached in the set – and unspecified – timeframe.
In its recent statement, Hawe management board president, Jerzy Karney, said: “Considering the fact that negotiations with PKP as the seller are very substantive and constructive, we assume that it will be possible to finalise the transaction by the end of this year.
AMX did not respond to a request for comment.
