Warsaw (IFN) Cyprus-based Tollerton Investments Ltd. is to acquire a 22% stake in Polands newest mobile telephone operator P4, a subsidiary of fixed-line telephone operator Netia Holdings, Netia said in a statement Thursday.
The deal will give P4 access to the countrys largest mobile equipment distribution network.
Tollerton already owns a Polish retail distribution network Germanos Polska which sells telephone equipment and has 196 points of sale in Poland. It also indirectly owns another telephone equipment retail network, Mobile Phone Telecom, with 104 points of sale, and a wholesaler Telecommunication Center Mobile that sells prepaid cards and coupons.
P4 plans to launch third-generation services under the Universal Mobile Telecommunications System in the first quarter of 2007. Tollerton is wholly owned by Greece-based Olympia Development. Netia said Tollerton will receive its stake in P4 through a capital increase in exchange for Germanos and two other
Polish telephone equipment distributors owned indirectly by the Cyprus company. Tollerton will also invest EUR35 million in P4.
After the capital increase, Netia will own 23.4% of P4, while private Icelandic equity fund Novator will hold 54.6%.
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