Private Equity Funds Eye Polish Polkomtel Sale - Sources

17th Jun 2010 12:22

By Marynia Kruk Of DOW JONES NEWSWIRES WARSAW (Dow Jones)--Some of the world's largest private equity buy-out funds are interested in the sale of Polish mobile phone operator Polkomtel, two sources familiar with the matter said Thursday. After weighing the idea of listing Polkomtel on the Warsaw Stock Exchange, its handful of shareholders, who are mainly former communist-era conglomerates, said they have opted for a trade sale. Polkomtel is worth about 16 billion zlotys ($4.86 billion), according to analysts, and some of its shareholders are keen to divest non-core assets to be able to invest in their main businesses. One person familiar with the matter said an information memorandum should be circulated by the end of August, or perhaps even sooner, with a closing potentially in 2010 or the first quarter of 2011. Polkomtel is owned by five companies, three of which have hired banks to advise them on selling their stakes. Poland's largest power group PGE (PGE.WA) holds a 21.85% stake and is advised by ING Securities. Oil refiner PKN Orlen SA (PKN.WA) holds 24.39% and is advised by Nomura. Copper miner KGHM Polska Miedzy (KGH.WA) holds 24.39% and is advised by Credit Suisse. Poland's Treasury owns stakes of 84.99%, 27.52%, and 31.79% respectively in the three companies. Coal miner Weglokoks SA, which is wholly Treasury-owned, holds a 5% stake in Polkomtel. Vodafone Group PLC (VOD.LN) also holds 24.39% of the firm, but hasn't publicly revealed its strategy toward Polkomtel. -By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431; [email protected] (END) Dow Jones Newswires June 17, 2010 07:22 ET (11:22 GMT)