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Sale of Vodafone's 24.4% Stake in Polkomtel

30 Jun 2011Corporate and Financial
1 minute read

Vodafone1 today agreed to sell its entire 24.4% interest in Polkomtel - a leading telecommunications operator in Poland - to Spartan Capital Holdings SP. z o.o, an investment vehicle controlled by Polish businessman Zygmunt Solorz-Zak, for a cash consideration of approximately €920 million (£815 million/ PLN 3.7bn 2) before tax and transaction costs.

The disposal underpins Vodafone’s strategy to realise value from its non-controlled assets. Net proceeds from the sale of Vodafone’s stake will be used to reduce its net debt.

This transaction is part of an agreement between all of the shareholders of Polkomtel to sell their stakes to Spartan Capital Holdings SP. z o.o. The total consideration implies an enterprise value of €4.5bn (£4.0bn / PLN 18.1bn 2) and represents a multiple of 6.4x EBITDA for the year ended 31 December 2010. The transaction is subject to Polish competition authority approval and is expected to complete in the fourth calendar quarter of 2011.

For further information:

Vodafone Group
Investor Relations
Tel: +44 (0) 7919 990 230
Media Relations
Tel: +44 (0) 1635 664444

About Vodafone
Vodafone is one of the world's largest mobile communications companies by revenue with approximately 371 million customers in its controlled and jointly controlled markets as at 31 March 2011. Vodafone currently has equity interests in over 30 countries across five continents and more than 40 partner networks worldwide. For more information, please visit

1 The sellers are Vodafone Americas Inc. and Vodafone International Holdings B.V., wholly-owned subsidiaries of the Vodafone Group.
2 At an exchange rate of PLN/EUR of 4.0 and PLN/GBP of 4.5.

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