Investors estimate Tel-Energo to be worth EUR300 million

Potential investors interested in the take over of Tel-Energo, which is currently controlled by Polish Grid (PSE) have estimated the value of the enterprise at EUR300 million. The due diligence in the telecom, which is expected to become TPSA largest domestic competitor, is to commence in the middle of September. Before that however the short list of potential investors has to be confirmed. "It will include two telecoms and probably one financial investor," says an anonymous informer quoted by Puls Biznesu. PSE has already received offers from four consortiums, which set the value of the company at EUR300 million. This estimation includes Tel-Energo, several smaller telecom companies and Telbank, a strong company specializing in services for banks, which was acquired by Tel-Energo from the National Bank of Poland (NBP) early in 2003. "From this value however we have to subtract the debts of these companies, which amount to zł. 500 million. The value of the majority stake, that is 51% of the shares, might reach zł. 400 million," says one of the potential investors. (Puls Biznesu, p. 4) A.K.