Elektrim signs deal to sell El-Net to BRE consortium

Elektrim Telekomunikacja (ET) has signed an initial agreement with BRE Bank representing a consortium of banks interested in the purchase of fixed line telecom operator El-Net. In 1998 and 1999 the consortium comprising BRE Bank, Pekao SA, BPH PBK, Bank Millenium, BGK and BWE, granted El-Net a zł. 300 million loan to finance the construction of a regional telecom network in the Bydgoszcz area. The loan now forms part of El-Net's liabilities which would be sold to its creditors along with 100% of the operator. However, the ET's vice-chairman Marian Dąbrowski would not disclose any details concerning El-Net's total debt to the consortium. Under the agreement the deal would be finalized within the next two months. The company managed to attract the attention of several other sector players including Netia Holding, Telefonia Dialog and EVL Poland, which completed due diligence on the operator in April. El-Net has 60,000 subscribers. (Parkiet, p. 3; Puls Biznesu, p. 6) J.K.