The shareholders of Polish mobile operator Polkomtel announced a long-anticipated deal to sell the company to Spartan Capital Holdings, an investment vehicle controlled by tycoon Zygmunt Solorz-Zak. The transaction implies an enterprise value of EUR4.5 billion, a 6.4 times EBITDA multiple for the year ended 31 December 2010. The transaction is subject to Polish competition authority approval, and is expected to complete in the fourth quarter of 2011. Solorz-Zak controls Polish media company Polsat, and the acquisition of Polkomtel, which trades using the Plus brand, will enable the delivery of bundled media and telecoms services. It was reported that Solorz-Zak had reduced his Polsat holding to fund the Polkomtel transaction, while still retaining a majority ownership of the company.

According to Bloomberg, the price paid excludes PLN3 billion (EUR756 million) of debt and dividends due to its shareholders. In a statement, Vodafone Group said it will receive approximately EUR920 million for its 24.4 percent stake in Polkomtel, before tax and transaction costs. The sale is in line with Vodafone’s strategy of selling-off its minority assets, following the disposals of its 44 percent stake in French operator SFR for EUR7.75 billion, and its 3.2 percent stake in China Mobile for £4.3 billion. There has also been speculation that Telecom Egypt is keen to resurrect talks to acquire Vodafone’s stake in Vodafone Egypt, following failed negotiations in 2010. Vodafone said it will use the proceeds from the Polkomtel transaction to reduce its net debt.