Cyprus-based fund Tollerton and Icelandic peer Novator are allegedly planning to sell Poland’s fourth-largest mobile operator P4 for PLN 7.5 billion, three market sources told Reuters.
Tollerton owns 50.3 percent, with the rest in the hands of Novator. Both entities declined to comment, while P4 was not immediately available, the agency reported.
“Letters have been sent out to investment banks. The controlling funds are coordinating the sale and want to select their advisers soon,” one source told Reuters, two others confirmed the reports.
According to the agency’s sources, the transaction could take place in the first or second quarter of next year.
“It would be hard to push a P4 takeover by a local player through the regulators. It may, however, be quite a snatch for Nordic telecoms like Telenor, TeliaSonera, or the U.S. firm Liberty Global, which owns cable operator UPC in Poland,” one of the sources informed Reuters.
P4, which operates under the Play brand has a 22 percent share of the market.