France Telecom announced the signature of an agreement with Telekomunikacja Polska (TP), following the offer from TP to France Telecom to acquire its 34% stake in their joint subsidiary, Centertel. The total cash consideration for the 34% stake is PLN 4.88 billion. Following the transaction, France Telecom will still hold a controlling 47.5% stake in TP, which by now holds 100% of its mobile branch Centertel.
The transaction is expected to enable TP to implement its integrated operator strategy, while enhancing its capital structure and ensuring sufficient financial flexibility for future dividend distribution policy.
Centertel is the second largest mobile operator in Poland with more than 9 million clients and a market share of 33.5% by the end of September 2005. In 2004, Centertel generated revenues of PLN 5.64 billion.
The proposal submitted by the Management Board of TP was approved by the Supervisory Board of TP, which appointed a special committee composed of its four independent directors, in compliance with TP governance rules. The Transaction was subsequently approved by the Board of Directors of France Telecom.France Telecom selected ABN AMRO as financial advisor for the transaction and Gide Loyrette and Nouel as the legal advisor.
2005-10-30
Em Foco – Projecto