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Mergers and Acquistions News

Categories: Telecoms

October 29th 2008, 18:22PM

The world's biggest mobile phone provider, Vodafone, has agreed to acquire an additional stake in Polish telecommunications operator Polkomtel, it has been announced.

In a statement, Vodafone said it will receive a 4.8 per cent stake in Polkomtel from Danish telecommunications firm TDC in return for a total cash consideration of €176 million (£136.7 million) plus accrued interest upon completion.

The move will give increase Vodafone's overall holding in the company from 19.6 per cent to 24.4 per cent, enhancing its position in what it described as an "attractive" market.

Polkmotel was granted its licence to operate Poland's Plus GSM mobile phone service in February 2006. By the end of June 2008, the company had a customer base of 13.2 million people.

The deal is expected to be officially completed in the fourth quarter of the year.

Vodafone currently has interests in 27 countries serving some 269 million customers. At the end of June 2008, the London Stock Exchange-listed company had a market capitalisation of around £79 billion.

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