Sprzedaż akcji Polkomtela - komunikat Vodafone

Sprzedaż akcji Polkomtela - komunikat Grupy Vodafone (ang.):

Sale of Vodafone's 24.4% Stake in Polkomtel

Vodafone¹ today agreed to sell its entire 24.4% interest in Polkomtel - a leading telecommunications operator in Poland - to Spartan Capital Holdings SP. z o.o, an investment vehicle controlled by Polish businessman Zygmunt Solorz-Zak, for a cash consideration of approximately €920 million (£815 million/ PLN 3.7bn ²) before tax and transaction costs.

The disposal underpins Vodafone’s strategy to realise value from its non-controlled assets. Net proceeds from the sale of Vodafone’s stake will be used to reduce its net debt.

This transaction is part of an agreement between all of the shareholders of Polkomtel to sell their stakes to Spartan Capital Holdings SP. z o.o. The total consideration implies an enterprise value of €4.5bn (£4.0bn / PLN 18.1bn 2) and represents a multiple of 6.4x EBITDA for the year ended 31 December 2010. The transaction is subject to Polish competition authority approval and is expected to complete in the fourth calendar quarter of 2011.

Notes
1 The sellers are Vodafone Americas Inc. and Vodafone International Holdings B.V., wholly-owned subsidiaries of the Vodafone Group.
2 At an exchange rate of PLN/EUR of 4.0 and PLN/GBP of 4.5.