Local businessman Zygmunt Solorz-Zak has agreed to buy Poland’s second largest mobile operator Polkomtel for PLN18.1bn (E4.5bn).
Five banks have put together a E3.5bn debt package for the acquisition, which consists of a mixture of loans and bonds, a…
Local businessman Zygmunt Solorz-Zak has agreed to buy Poland’s second largest mobile operator Polkomtel for PLN18.1bn (E4.5bn).
Five banks have put together a E3.5bn debt package for the acquisition, which consists of a mixture of loans and bonds, a source told TelecomFinance. Credit Agricole and Deutsche Bank are global co-ordinators, while RBS, SG and PKO BP are bookrunners.
The mobile operator was sold to special purchase vehicle Spartan Capital Holdings at a price representing a multiple of 6.4x EBITDA for the year ended on 31 December 2010.
The current shareholders will receive net proceeds of PLN15.1bn (E3.8bn) after deductions of debt and dividend.
In June, Solorz-Zak entered exclusive talks over Polkomtel after outbidding Apax (advised by Morgan Stanley) and a consortium of Telenor (advised by Barclays Capital) and Bain Capital (advised by BNP Paribas).
Solorz-Zak is advised by Trigon, Credit Agricole and Deutsche Bank on the financial side and by Dewey & LeBoeuf on the legal side.
KGHM, PKN Orlen, and Vodafone each have a 24.39% stake in Polkomtel, with PGE holding 21.85% and Weglokoks 4.98%.
The sellers were advised by Allen & Overy, Clifford Chance, Gide Loyrette Nouel and K&L Gates on legal issues.
PKN Orlen is advised by Nomura, while PGE appointed ING. KGHM is advised by Rothschild, and Vodafone hired Goldman Sachs. Nomura is coordinating the pool of advisers.
Concerns about a delay or collapse accompanied the sale process because of the number of shareholders and advisers which were rumoured to have difficulties to agree on a deal. Shareholders finally succeeded in sticking to the end of June deadline for the announcement of the transaction.
The transaction, which is subject to regulatory approvals, is expected to complete in Q4.