Plus joins Polsat Group. Cyfrowy Polsat closes the transaction of acquisition of Metelem

08 May 2014

On May 7, 2014 all conditions precedent have been met and Cyfrowy Polsat closed the transaction of acquisition of Metelem, entity indirectly controlling 100% shares in Polkomtel. The operator of mobile network Plus joins Polsat Group, now the largest media-telecommunications group in the region and one of the largest Polish entrepreneurships.

- (…) I am proud because thanks to this transaction Cyfrowy Polsat became the largest privately held company in Poland, built from the start using only Polish capital. Together with Polkomtel Cyfrowy Polsat is the leader on the Polish media-telecommunications market and I am convinced that the combined potential of both companies will allow them to strengthen that position. An additional reason for satisfaction is our partnership within this transaction with the European Bank of Reconstruction and Development, whose engagement in the project is a confirmation that both our strategy and the way we implement it are valid – says Zygmunt Solorz-Żak, Chairman of the Supervisory Board of Cyfrowy Polsat S.A.

On May 7, 2014 Cyfrowy Polsat repaid it entire debt under the senior facilities agreement dated 2011 (PLN 486m as at the end of 2013) and Senior Secured Notes issued by Cyfrowy Polsat Finance AB (publ) (PLN 1.439 billion as at the end of 2013). The funds for repayment have been derived from a new term facility concluded on April 11, 2014 by Cyfrowy Polsat and a syndicate of Polish and foreign banks.

- Thanks to refinancing the debt of Cyfrowy Polsat we not only met one of the conditions precedent of the transaction, but also improved the conditions of our financing and eliminated foreign exchange exposure of our debt. Moreover, the new facilities agreement allows us to refinance part of Metelem’s debt on much better conditions - says Tomasz Szeląg, CFO at Cyfrowy Polsat S.A.

- Thanks to this transaction both Cyfrowy Polsat and Polkomtel gain new development possibilities in a dynamically changing and highly competitive market environment. I am convinced that together with Polkomtel we will effectively use market opportunities and the advantages of our companies – adds Dominik Libicki, CEO at Cyfrowy Polsat S.A.


Last updated 10/04/2014