Bloomberg News

Cyfrowy Owners Raise $489.7 Million in Polish TV Stake Sale

June 22, 2011

(Updates with company confirming sale starting in first paragraph.)

June 22 (Bloomberg) -- Shareholders of Cyfrowy Polsat SA raised 1.35 billion zloty ($489.7 million) from selling their stake in Poland’s second-largest television network to finance investments in telecommunications.

Billionaire Zygmunt Solorz-Zak and Heronim Ruta, who put up 86.1 million shares for sale, priced the stake in the Warsaw-based company at 15.7 zloty per share, Cyfrowy said in a regulatory statement today, confirming an earlier report by Bloomberg News. The final price in the transaction was set in the upper part of 15.5 zloty to 15.8 zloty range, at which sellers were collecting bids earlier.

The shares fell 1.4 percent to 15.85 zloty at 4:44 p.m. in Warsaw trading today, valuing the company at 5.52 billion zloty.

Solorz-Zak, the second-wealthiest Pole according to Forbes magazine, will retain majority stake in Polsat, the company said in the statement. The billionaire has been chosen for exclusive talks to buy Polkomtel SA, Poland’s second- largest mobile phone operator, two people familiar with that sale process said today.

Deutsche Bank AG, Credit Agricole SA and Trigon are advising on the Cyfrowy Polsat sale. TVN SA is the country’s biggest TV broadcaster.

--With assistance from Piotr Skolimowski. Editors: Nathaniel Espino, James M. Gomez

To contact the reporter on this story: Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net; Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editor responsible for this story: Nathaniel Espino at nespino@bloomberg.net


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