Sweden’s TeliaSonera has dropped out of the race for Polish mobile operator Polkomtel, while the three other shortlisted candidates have placed binding bids, according to media reports.
“We have done our homework thoroughly and weighed the pros and cons….
Sweden’s TeliaSonera has dropped out of the race for Polish mobile operator Polkomtel, while the three other shortlisted candidates have placed binding bids, according to media reports.
“We have done our homework thoroughly and weighed the pros and cons. At the end of the day, it is always a judgement call and we have decided not to submit an offer for Polkomtel,” TeliaSonera PR officer Irene Krohn said in an email.
Local businessman Zygmunt Solorz-Zak (advised by Trigon, Credit Agricole and Deutsche Bank), Apax (advised by Morgan Stanley) and a consortium of Telenor (advised by Barclays Capital) and Bain Capital (advised by BNP Paribas) reportedly placed bid on June 10.
The plan is to close the transaction by the end of June.
KGHM, PKN Orlen, and Vodafone each have a 24.39% stake in Polkomtel, with PGE holding 21.85% and Weglokoks 4.98%.
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.
The transaction has been valued at PLN16-18bn (US$5.7-6.45bn).
The enterprise value reportedly includes some PLN2bn (US$731m) in net debt, PLN1.03bn (US$376m) in dividends and PLN103.7m (US$38m) for an antitrust fine. The company reported an EBITDA of PLN2.83bn (US$1bn) and expects to report a similar figure this year.
