June 27, 2020 / 9:08 AM / 8 days ago

Poland's Play could sell some of its network infrastructure: source

WARSAW (Reuters) - Polish mobile operator Play Communications is considering selling some of its network infrastructure, a source familiar with the process told Reuters.

The company could follow similar moves by other European companies looking to sell mobile networks as infrastructure remains attractive to investors.

Bloomberg reported on Friday, quoting unnamed sources, that Play is working on a strategic review of roughly 8,000 sites, around half of which are towers, which could lead to a sale valued at up to 800 million euros ($897.4 million).

Play could start a formal process in early 2021, Bloomberg said.

Earlier this year, Play said it was planning to set up a company called TowerCo - a dedicated subsidiary to host existing and future passive network infrastructure.

“Play is at a very early stage of establishing the company, to which sites would be moved... It will take at least until the end of the year to spin off (these assets),” a source familiar with the matter told Reuters.

“The process has started, because Play wants to be ready if interesting offers appear,” the source also said adding that it was too early to estimate the value of a potential deal and the number of sites the company could sell.

Play shares gained 4.7% on Friday, while Poland’s blue-chip index lost 1.9%.

“...Play is separating a dedicated tower company that will manage and maintain a passive network infrastructure,” the company said in an e-mailed response to Reuters questions about potential deal.

Reporting by Anna Koper; Editing by Louise Heavens

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