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UPDATE 2-Vodafone increases stake in Polish operator

Wed Oct 29, 2008 7:29pm IST
 
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* Vodafone acquires extra 4.8 pct stake in Polkomtel * To pay 176 million euros * Expects deal to close in Q4

(Adds background and details)

LONDON, Oct 29 (Reuters) - Vodafone (VOD.L: Quote, Profile, Research), the world's biggest mobile phone company by revenue, has increased its stake in Poland's second largest mobile operator Polkomtel as it continues its push into emerging economies.

Vodafone has agreed to acquire a further 4.8 percent of Polkomtel from shareholder Danish TDC (TDC.CO: Quote, Profile, Research) which would push its total holding to 24.4 percent. TDC and Vodafone said they were in talks over the deal in August.

The British group already owns 19.6 percent of Polkomtel and hoped to increase its stake in the faster-growing market to offset slowing growth in more mature economies.

It will pay a cash consideration of 176 million euros ($224.3 million) plus accrued interest at closing. It expects the transaction to close in the fourth quarter of 2008.

The other shareholders in Polkomtel are Poland's copper miner KGHM KGHM.WA, refiner PKN Orlen PKNA.WA and power group PGE.

PKN had also said it was willing to sell its 19.6 percent stake and said in November of last year it valued its shareholding at about 1 billion euros ($1.28 billion).   Continued...

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