Polish mobile P4 reportedly cans sale

By bne IntelliNews October 7, 2016

The sale of Polish mobile operator P4 has been cancelled due to weak bids, newswires reported on October 6. 

Private equity funds Novator from Iceland and Tollerton from Greece were understood to be seeking up to €2.8bn for P4. Offers from a number of bidders have been received, including from consortiums featuring Warburg Pincus and Cinven and Blackstone/CVC Capital Partners, Reuters writes, citing unnamed sources. However, it appears the sellers have upped their expectations.

The sale attracted "seven non-binding offers evaluating the company around the area of €3.5bn,” Tollerton said in a statement confirming the sale has been cancelled.

P4 has been growing rapidly in recent years and its owners were reported to be looking to now cash in, with further expansion likely to prove difficult. Novator was said to be especially keen to exit its decade-old investment. The fund did not originally view its involvement in the company as long-term.

P4’s sales in Poland last year rose 22% to PLN5.4bn, while EBITDA expanded 44% to PLN1.54bn. P4 had a market share of close to 25% at the end of last year, similar to the other main players on the Polish market, T-Mobile, Orange, and Plus.

Related Articles

Poland's GetBack plans to raise up to PLN500mn from IPO later this year

Polish debt collecting company GetBack plans to raise PLN400mn-500mn (€95mn-119mn) from its upcoming initial public offering (IPO), the company said in the offering’s prospectus released on June ... more

Slovak PM says no pledge made on EU migrant quotas

Slovakia has made not offered the European Commission a pledge to take part in the migrant quota scheme, Prime Minister Robert Fico suggested to parliament on June 15. The statement comes shortly ... more

Germany and Gazprom question need for EU talks on Nord Stream 2

A joint EU mandate to discuss the operating rules that would apply to Russia's planned Nord Stream 2 gas pipeline is not necessary, Angela Merkel said on June 15. Russian state-controlled ... more

Dismiss