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Buyout firms ‘prepare bids for Polkomtel’
06 September 2010
Four private equity groups are said to be preparing bids for Polkomtel, as Vodafone considers selling its 24% stake
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Polkomtel
Poland
Vodafone
private equity
Apax Partners
Blackstone
TPG
CVC
Private equity groups are preparing €4 billion leveraged buy-out offers for Polish mobile phone operator Polkomtel according to reports. Apax Partners, Blackstone, TPG and CVC Capital Partners are lining up bids for the company.
The sale process is likely to begin in October 2010, say the reports. Blackstone and TPG are working on a joint offer.
Vodafone is ready to divest its 24.4% stake in the Polish operator. Four state-owned Polish companies — energy group PGE, copper miner KGHM, oil company PKN Orlen, and coal trader Weglokoks – hold a little over 75% of Polkomtel. The groups have hired advisers to work on a sale.
Danish company TDC sold its 25% share in Polkomtel in 2008. The Polish telco was valued at €3.7 billion at the time. The company is now expected to be valued at about six times earnings before interest, tax, depreciation and amortisation, which was €685 million in 2009. GTB