EBRD sells Cyfrowy Polsat shares

The European Bank for Reconstruction and Development has reduced its stake in Poland's Cyfrowy Polsat. The EBRD has sold off 33% of its shares in the telecom/media company. The remaining shares will remain in EBRD hands.

Buyers of the shares included domestic and international institutional investors, according to a news release from the EBRD. The transaction was made at near WSE-closing price of the stock at PLN 25.23 per share. EBRD acquired stake in Polkomtel, a mobile phone company, back in 2011. In 2014, a share swap between Polkomtel and Cyfrowy Polsat, created a media telecommunications company with almost 18 million customers.

“This transaction illustrates the depth of support for the newly-merged company from international investors and increases the free float, thereby contributing to the liquidity of Cyfrowy Polsat and the development of Poland’s capital market,” commented Cyfrowy Polsat's founder Zygmunt Solorz-Żak.