Spartan Capital Holdings Sp. z o.o.
(a company controlled by Zygmunt Solorz-Żak)
and
KGHM Polska Miedź S.A
PGE Polska Grupa Energetyczna S.A.
Polski Koncern Naftowy ORLEN S.A.
Vodafone Americas Inc
Vodafone International Holdings B.V.
WĘGLOKOKS S.A.
signed a preliminary agreement for the sale of 100% of shares in Polkomtel S.A.
Spartan Holdings and the shareholders of Polkomtel today signed a preliminary purchase agreement for 100% of shares of Polkomtel SA, the leading telecommunications operator in Poland. The transaction, valued at over 18 bn PLN, is one of the largest telecom transactions in Europe post the financial crisis.
Zygmunt Solorz-Żak’s acquisition of Polkomtel will significantly accelerate the roll-out of LTE technology, which is one of the crucial elements facilitating widespread Internet access for households in Poland.
- In the near future LTE technology will revolutionize our lives. I would like Poland to be one of the first countries in the world where access to the Internet and other data transmission services is possible through the most advanced technology available – said Zygmunt Solorz-Żak.
This technology will also allow Polkomtel to reduce its cost base, thereby allowing new and attractive offers to be offered to all current and future customers of the Plus network.
- This transaction is a great opportunity for the Polish telecommunications market and is one of the largest in the history of Central and Eastern European M&A. The fact that Polish capital is being employed here is equally very important – said Mr Solorz-Żak.
The acquisition will be financed through a combination of equity provided by the investor alongside a debt financing package. The debt financing package has been arranged by a consortium of banks, co-ordinated by Crédit Agricole CIB and Deutsche Bank, and is fully underwritten by Crédit Agricole CIB, Deutsche Bank, The Royal Bank of Scotland Plc, Société Générale Corporate and Investment Banking and PKO Bank Polski S.A.
- I am delighted that such powerful financial institutions -- among the largest in the world -- had confidence in our project and are taking part in it - said Mr Solorz-Żak.
The advisors to the buyer were: Trigon Dom Maklerski SA, Deutsche Bank and Crédit Agricole CIB, responsible for preparing the transaction structure. Trigon Dom Maklerski SA was organizing acquisition financing, Dewey & LeBoeuf was legal counsel, and PKO Bank Polski S.A., provider of the letters of credit.
The transaction is subject to approval by the Polish Office of Competition and Consumer Protection (UOKiK).
