PGZ acquires PGE's telco unit Exatel
23:01
Poland's largest utility company PGE has signed a letter of intent to sell its telco unit Exatel to state-owned Polska Grupa Zbrojeniowa (PGZ) arms producer, the company informed in a press statement.
"PGE and PGZ signed a letter of intent in which they voiced the will of cooperation aimed at selling Exatel by PGE to PGZ. The details of the potential transaction, including the price and timing, will be the subject of analysis and will be worked out in the frame of the cooperation launched. The cooperation will last for the coming six months," a statement read.
PGE is the 100 percent owner of Exatel, managing a telecom network of 20,000 kilometers. Exatel's value in PGE's books stands at around PLN 450 million.
