Vectra has placed a public tender to acquire 33% of Netia’s shares, traded on the Warsaw stock exchange for PLN5.31 per share. The tender offer is scheduled to close on July 23.
Vectra CEO Tomasz Żuranski said that the company now had the opportunity to make investments outside its core business. He said that Netia had suffered from a declining business based on a number of indicators and was classified as a relatively high-risk investment. However, the acquisition of a 33% stake would enable Vectra to safely continue with the development of its own core business and the deal would be attractive to shareholders, he said.
Netia CEO Mirosław Godlewski resigned earlier this year after the company reported a 12% year-on-year drop in 2013 full year revenues, which came in at PLN1.876 billion – lower than the firm’s original guidance of PLN1.925 billion. The firm cut its full year targets for 2014 to revenues of PLN1.735 billion and adjusted EBITDA of PLN505 million. Adam Sawicki, formerly director of corporate affairs at metallurgy group KGHM Polska Miedź, took over from Godlewski in June.
Vectra has about 910,000 customers across Poland, offering TV, internet and telephony.
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