Vodafone sells stake in Polkomtel

1st Jul 2011 07:18

Vodafone, the mobile phones giant, has sold its 24.4% stake in Polkomtel, a Polish telecoms operator.The sale is worth £815m and will be made in cash to businessman Zygmunt Solorz-Zak's investment vehicle Spartan Capital Holdings. All the other shareholders in Polkomtel are said to be doing the same. The move is part of Vodafone's strategy of extracting value from assets that it does not control and is still subject to Polish competition authority approval. If that is received the deal will go through in the fourth quarter of 2011. BS