Vodafone says it sells Polish Polkomtel stake
British mobile phone giant Vodafone said on Friday that it was selling its stake in Polkomtel as part of a shareholder agreement to sell the Polish telecoms group to local business mogul Zygmunt Solorz-Zak.
"Vodafone today agreed to sell its entire 24.4-percent interest in Polkomtel to Spartan Capital Holdings, an investment vehicle controlled by Polish businessman Zygmunt Solorz-Zak, for a cash consideration of approximately 920 million euros ($1.3 billion)," it said in a statement released to the London Stock Exchange on Friday.
The London-listed company added that the disposal underpinned its strategy to sell off non-controlled assets, while proceeds from the sale will be used to cut debt.
"This transaction is part of an agreement between all of the shareholders of Polkomtel to sell their stakes to Spartan Capital Holdings. The total consideration implies an enterprise value of 4.5 billion euros," it added.
The deal remains subject to approval from Polish competition authorities and is expected to complete in the fourth quarter of 2011.
© 2011 AFP