Share Dealing
Vodafone sells stake in Polish telecomms company
Rob Langston, 01 July 2011
Vodafone (VOD.L) is to sell its 24.4 per cent stake in Polish telecommunications company Polkomtel in a deal worth approximately £815 million.
The stake is set to be sold to investment vehicle Spartan Capital Holdings, controlled by Polish businessman Zygmunt Solorz-Zak.
Solorz-Zak is one of the richest men in Poland with a net worth of $2 billion in 2010, according to US magazine Forbes, ranking him 488th in the world's richest billionaires.
According to Vodafone, the sale is part of its strategy to realise value from non-controlled assets and will be used to reduce net debt. Vodafone upped its stake to 24.4 per cent in 2008.
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