Telecom Orange Polska buys energy company for PLN 37 mln

Orange Polska has signed a conditional agreement with Tokida Investments to purchase 100 percent of shares of Multimedia Polska Energia, Orange said in a statement. The value of the transaction stands at approx. PLN 37 million and will be adjusted based on the share capital and cash reserves as at the date when the transaction is closed. "The deal is a part of Orange Polska's strategy to develop services for households that are complimentary to telecommunication services. It will allow Orange Polska to increase its client base using the Orange Energia service to some 100,000," the company stated. Multimedia Polska Energia sells energy to corporate and individual clients and has some 75,000 clients in its portfolio. The closing of the transaction is contingent on Orange Polska receiving a permission from the antimonopoly watchdog. The decision is expected within three months.