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Cyfrowy Polsat to acquire stake in Netia

Cyfrowy Polsat SA said Dec. 4 that it has submitted purchase orders to acquire a combined block of about 32% of shares in Netia SA from its two major shareholders for about 638.8 million Polish zlotys.

Cyfrowy Polsat will also announce a tender offer for another block of about 33% of shares to obtain a stake of no more than 66% of the total number of votes at the general meeting of Netia.

The acquisition will be funded through a combination of its own funds and a revolving loan.

The investment in Netia will support Cyfrowy Polsat with the former's 20,000 kilometers of backbone fiber-optic network and 1 million clients in the business-to-consumer segment.

As of Dec. 4, US$1 was equivalent to 3.55 Polish zlotys.