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15-2017 Conclusion of a conditional preliminary agreement for sale of 100% shares in Multimedia Polska Energia Sp. z o.o.

Current report (15/2017),

Orange Polska S.A. – Warsaw, Poland

21 July 2017

 

Conclusion of a conditional preliminary agreement for sale of 100% shares in Multimedia Polska Energia Sp. z o.o.

 

Pursuant to Art. 17 clause 1 of the Regulations (eu) no 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (hereinafter “MAR Regulations”), the Management Board of Orange Polska S.A. (“Orange Polska” or “the Company”) hereby announces that on July 21, 2017, Orange Polska and Tokida Investments Sp. z o.o., a special purpose vehicle, concluded a conditional preliminary agreement (“the Agreement”) for sale of 100% shares (“the Shares”) in Gdynia-based Multimedia Polska Energia Sp. z o.o. (“Multimedia Energia”).

 

According to the Agreement, the purchase price of the Shares will be PLN 37 million (in words: thirty seven million Polish zlotys), an amount determined as the Enterprise Value. This amount will be adjusted for working capital and cash positions as of the date of closure of outstanding transactions in Multimedia Energia.

 

The closure of the transaction is subject to a condition precedent that Orange Polska obtains an approval of the antimonopoly authorities for the concentration within the expected time limit of three months after the date of the Agreement.

 

Multimedia Energia is a company selling electricity to both residential and business customers. It provides services on a third party access (TPA) to the grid basis, which has been made possible by the progressive liberalisation of the electricity market. As of the date of the Agreement, Multimedia Energia had a customer base of approximately 75,000, generating average monthly revenue per user of PLN 46.

 

 

The aforementioned transaction is consistent with Orange Polska’s strategy to develop services to households which are complementary to its core telecommunication services. It will enable the Company to expand its Orange Energy customer base to approximately 100,000, driving Orange Polska to the leadership position among alternative energy suppliers and enhancing its comprehensive service portfolio. 

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