Vodafone Group completed the sale of its stake in Polish operator Polkomtel, for approximately £790 million in cash before tax and transaction costs. The seller previously said it would use the proceeds of the transaction to reduce its debt.

Vodafone held a 24.4 percent stake in the Polish business, which according to Wireless Intelligence data is the second largest operator in the country, with 13.7 million customers.  Polkomtel, which uses the Plus brand, is being acquired by Spartan Capital Holdings, an investment vehicle controlled by Polish entrepreneur Zygmunt Solorz-Zak.

Solorz-Zak controls media company Cyfrowy Polsat and smaller mobile operators Aero2, Mobyland and CenterNet.

The deal, which was finally agreed in June 2011 following months of negotiations (and years of rumours and speculation before that), was approved by OUKiK, the country’s competition regulator, late last month.