UK telecommunications giant Vodafone has agreed to sell its 24.4 per cent interest in Polish telecoms operator Polkomtel for approximately €920 million.
Vodafone is selling its stake to investment vehicle Spartan Capital Holdings, which is controlled by Polish businessman Zygmunt Solorz-Zak.
The Newbury, Berkshire-based company said the sale underpinned its strategy to realise value from its non-controlled assets, adding that proceeds from the sale would be used to reduce its net debt.
Warsaw-based Polkomtel is Poland’s second largest mobile operator. Last year it made a profit of two billion zlotys (approximately €302 million) on revenues of 7.7 billion zlotys (approx €1.9 billion).
The transaction is subject to Polish competition authority approval, and is expected to complete in the fourth quarter of this year.
Vodafone is one of the world's largest mobile communications companies by revenue, with approximately 371 million customers as of 31 March 2011. The company currently has equity interests in over 30 countries across five continents, and more than 40 partner networks worldwide.
