The owners of Multimedia Polska, Poland’s third largest cableco, reportedly plan to sell the company in what has the potential to become the second-largest consolidation transaction in the nation’s history.
Multimedia shareholders have hired…
The owners of Multimedia Polska, Poland’s third largest cableco, reportedly plan to sell the company in what has the potential to become the second-largest consolidation transaction in the nation’s history.
Multimedia shareholders have hired JPMorgan & Chase to manage the sale, The Warsaw Business Journal (WBJ) reported, citing local newspaper Dziennik Gazeta Prawna.
According to the report, JPMorgan bankers will send preliminary information to local operators Telekomunikacja Polska, Netia, Poland UPC, Vectra, Polska Telefonia Cyfrowa (T-Mobile) as well as several investment funds.
While the report gave no indication as to how much the company would sell for, it said the sale could mark Poland’s second-largest consolidation deal after Liberty Global-owned UPC’s acquisition of Aster last year.
Any such deal would be subject to regulatory approval. UPC and Vectra are Poland’s number one and two cablecos respectively.
A Multimedia spokesperson was not able to comment on the matter immediately but said to expect a statement later, possibly tomorrow.
According to the Multimedia website, the company’s revenues in the first three quarters of 2011 totalled about PLN 459.5m (US$ 144.1m), with adjusted EBITDA of PLN 240m (US$ 75.3m) and a net profit of PLN 56.4m (US$ 17.7m).
M2 Investments, a subsidiary of US-based YTD LLC, owns a 46.56% stake in the company while Tri Media Holdings and UNP Holdings, both controlled by Cyprus-based EVL, hold stakes of 24.29% and 10.43% respectively.
