The consortium of Telenor and Bain Capital that had teamed up to bid for Polish mobile operator Polkomtel has withdrawn from the process, according to media reports.
This leaves Polish businessman Zygmunt Solorz-Zak (advised by Trigon, Credit Agricole…
The consortium of Telenor and Bain Capital that had teamed up to bid for Polish mobile operator Polkomtel has withdrawn from the process, according to media reports.
This leaves Polish businessman Zygmunt Solorz-Zak (advised by Trigon, Credit Agricole and Deutsche Bank) and private equity firm Apax (advised by Morgan Stanley) as the two last candidates, TeliaSonera having pulled out earlier this month.
Telenor is advised by Barclays Capital and Bain Capital by BNP Paribas.
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.
Telenor declined to comment and Bain Capital was not immediately available for comments.
