Deutsche Telekom to buy Polish telecoms operator PTC

0 Comments | AFP, September, 2004

WARSAW (AFP) — German telecommunications giant Deutsche Telekom has agreed with French firm Vivendi Universal and Polish energy group Elektrim to buy Poland's biggest mobile phone group PTC.

Quoting well-informed sources, the Rzeczpospolita daily said Wednesday that Deutsche Telekom, which already owns 49 percent of PTC, had reached a provisional deal to pay 1.3 billion euros for the remaining 51 percent, held by Elektrim Telekomunikacja (ET), itself a joint venture between Vivendi and Elektrim.

Europe's number one telecoms group had already tried to buy out PTC's other shareholders late last year, but a deal fell part mainly because of disagreements on how to pay off debt owed by Elektrim Telekomunikacja.

Contacted by AFP, Elektrim spokeswoman Ewa Bojar...