International law firm Greenberg Traurig provided advice on Cyfrowy Polsat S.A.’s acquisition of Polkomtel, the operator of the “Plus” mobile network. The transaction creates the largest media and telecommunication group in the region and one of the largest corporations in Poland.
Greenberg Traurig advised Cyfrowy Polsat on all aspects of the transaction, starting from negotiating investment agreements with shareholders of Metelem (the parent entity of Polkomtel), including the European Bank for Reconstruction and Development. Based on the agreements Cyfrowy Polsat acquired shares in Metelem in exchange for its own new shares with a total issue price close to PLN 6.15 billion. Subsequently, Greenberg Traurig provided advice on the issue of the new shares and in negotiating an agreement with the minority shareholders of the company, as well as in drafting the prospectus for the purpose of having the new shares admitted to trading on the Warsaw Stock Exchange. The final workstream was to refinance the existing indebtedness of Cyfrowy Polsat. From a consortium of more than 20 financial institutions led by ING, PKO BP and Société Générale, the Company raised new loans totaling PLN 3 billion, which enabled it to repay its existing term loan facility and Senior Secured Notes (totaling in excess of PLN 1.9 billion as at the end of 2013).