Tycoon to merge Cyfrowy Polsat with Polkomtel

Photo: glowimages

Cyfrowy Polsat has agreed to buy a majority stake in Metelem, the holding group that has a 100 percent stake in Polkomtel.

A provisional sale agreement has been signed by which Cyfrowy Polsat would buy an 83.8 percent stake in Metelem.

Polkomtel, which runs the Plus mobile telephone brand, was valued at 6.15 billion zloty (1.46 billion euro).

At present, the remaining shares in Metelem are owned the European Bank for Reconstruction and Development, which is reportedly considering selling its stake to Cyfrowy Polsat.

“I am confident that thanks to this transaction both Cyfrowy Polsat and Polkomtel will gain new possibilities for development in the dynamically changing and highly competitive market environment,” enthused Dominik Libicki, President of the Management Board of Cyfrowy Polsat, in a statement on Thursday.

“The strategy of Cyfrowy Polsat Group, based on providing the best entertainment and telecommunication services using the latest technologies on all consumer devices, remains unchanged. Polkomtel fits it perfectly and provides a fantastic opportunity for significant acceleration of its execution.”

The deal is expected to be closed in mid-2014. (nh)

Source: PAP/WBJ/ Digital TV Europe