France Telecom pays zl.3.5 billion for 12.5% of TPSA

The Treasury yesterday agreed to sell a 12.5% stake in Telekomunikacja Polska (TPSA) for zl.3.5 billion to a France Telecom and Kulczyk Holding consortium. Commenting on the deal, Treasury Minister Aldona Kamela-Sowinska said, "Today, we have ensured that one of our most important formerly State-owned companies will have a stable strategic partner." The French-led consortium will acquire 175 million shares at zl.20 each, raising its stake in TPSA to 47.5%. The consortium has also negotiated the right to buy an additional 2.5% plus one share in the company next year, giving it control over the telecommunications giant. In return, the Treasury has secured a dividend pay-out for last year amounting to zl.150 million. "We are glad that after the hard negotiations we have finally signed the contract. We promise that together with our partner, Kulczyk Holding, we will raise the service quality of the company, increase its market value, and help the development of the whole telecommunications market," commented Jean Yves Gouiffes, vice president of France Telecom. (Puls Biznesu, p. 7; Prawo i Gospodarka, p. 1; Parkiet, p. 1) A.K.