Zygmunt Solorz-Zak takes over Sferia telecom

21-07-2008, 12:51

Warsaw (Puls Biznesu) – The well-known businessman, and owner of Polstat TV broadcaster, buys telecom operator.

“PB” has found out how Zygmunt Solorz-Zak will spend PLN 1bn (EUR 311m) he raised in the IPO of Cyfrowy Polsat TV company. His subsidiary has just signed a preliminary contract to acquire stake of Sferia.

“We have applied to the anti-monopoly office to get approval to take control over the operator”, Zygmunt Solorz-Zak said.

So far, the businessman controlled 10 percent of Sferia.

“The acquisition will be conducted via a capital increase”, Zygmunt Solorz-Zak added.

Sferia offers fixed-line telecommunication services and wireless internet CDMA. It soon should have its frequencies increased in order to add mobile services to its offer. Sferia wants to cover 70 percent of Poland and reach 90 percent of the citizens. The company has said before that it would need PLN 300m for this project.

“All I can say is that we are raising big funds which will let us implement our plans”, Damian Grabinski, Sferia spokesman said.

“I am interested in TV, electronic media and telecommunication. I want to invest in these sectors”, Zygmunt Solorz-Zak said.

Analysts approve of these plans.

“Polsat started as a classic TV broadcaster, then the company developed its satellite platform, invested in mobile telecommunication via Elektrim. It is getting ready to distribute TV products by many channels”, Andrzej Zarebski, media expert commented.

Sferia has 100,000 subscribers. In the first quarter of the year, the company had PLN 10.8m of sales, or 23 percent more than in the same period of last year. In 2007, the company had PLN 37.7m of sales, PLN 28m of EBITDA loss and PLN 57m of net loss. The company explained that it had been investing heavily in its network.

(PLN 1 = EUR 0.311)

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