Polkomtel acquires Premium Mobile
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Polkomtel, which belongs to the Cyfrowy Polsat Group and also owns the Plus mobile network, has submitted plans to take full control over Premium Mobile. Both entities signed a letter of intent to that effect, and the decision is currently pending approval by UOKiK.
The transaction is worth PLN 35.5 million.
Everything seems to indicate that the MVNO Premium Mobile, owned by PM 1 Mobile Holdings Limited and WBN Holding Limited, will be taken over by Polkomtel. The interested parties have already signed a letter of intent and are currently waiting for the appropriate antimonopoly clearance from the Office of Competition and Consumer Protection (UOKiK). However, this is not the first action of the Cyfrowy Polsat Group related to Premium Mobile. The company owned by Zygmunt Solorz already acquired a stake in Premium Mobile in 2018, which before the decision was announced was equivalent to 24.47% of the MVNO operator’s capital.
Now, with the help of Polkomtel, the Cyfrowy Polsat Group wants to acquire the remaining capital. The first step is to acquire the shares of PM 1 Mobile Holdings Limited. Only after this transaction will Polsat want to take over the remaining 53.69% stake owned by WBN Holding Limited. The announcement reads that the financing of the transaction will be carried out entirely from Polkomtel’s own funds, with a total value of PLN 35.5m.
“As part of the signed letter of intent, it was stated that the shareholders of PM 1 Mobile Holdings Limited, representing the originators and founders of Premium Mobile, will receive approximately PLN 35.5 million for their 28.01% share in the capital of Premium Mobile, The intention of Polkomtel, expressed in the letter of intent, is ultimately to buy the remaining 53.69% of shares in Premium Mobile from WBN Holding Limited, the price paid for these shares will be implied by the settlement amount with PM 1 Mobile Holdings Limited “
Premium Mobile Results
Premium Mobile is an operator that, according to UKE reports, is one of the leaders in number portability among telecommunications companies in Poland. In Q1 2021, it gained a net 13.2 thousand SIM cards in the process, and in this respect it was only surpassed by Orange (with a result of 30.8 thousand SIM cards). Premium Mobile currently operates around 425 thousand active SIM cards, of which around 70% are on contract services. In 2020, its revenues increased by 37% y-o-y to PLN 125 million.