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Polish railways relaunches sale of its telecoms arm -sources
April 25, 2014 / 8:31 AM / in 4 years

Polish railways relaunches sale of its telecoms arm -sources

WARSAW, April 25 (Reuters) - Poland’s state railways operator PKP relaunched the sale of its telecoms arm TK Telekom, having failed to find a buyer at the right price last year, two market sources told Reuters on Friday.

“PKP sent out invitations, asking investment banks to place their offers for advising in the sale process,” one source said.

A second source said the same. PKP had no immediate comment.

PKP, under pressure to reduce debt, scrapped the previous sale after failing to get a satisfactory offer from bidders, which according to media reports were local telecoms groups Netia, Hawe, and Deutsche Telekom’s GTS.

The rail carrier wants to reduce its telecoms interests to mainly infrastructure by shedding non-core operations such as cable maintenance.

TK Telekom, previously valued at around 400 million zlotys ($131.7 million), controls 6,000 km of optic fibre and 22,000 km of copper cable around Poland, mainly near railroad tracks. ($1 = 3.0377 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Erica Billingham)

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