Private equity groups are lining up EUR 4 billion leveraged buy-out bids for Polish mobile operator Polkomtel, in which Vodafone owns a stake of almost 25 percent. Apax Partners, Blackstone, TPG and CVC Capital Partners are among the big private equity groups working on potential bids for Polkomtel, which is expected to start a sale process as early as next month, the Financial Times writes. The mobile operator is thought to be unlikely to attract interest from large European telecommunications groups. Blackstone and TPG are working on a joint bid for Polkomtel, according to the paper. The company is likely to be valued at about six times EBITDA, which fell 14 percent to PLN 2.7 billion last year. Vodafone has made no decisions on whether to sell but people familiar with the UK group said it was willing to exit if an appropriate offer was made. While Vodafone could retain its stake, it is unlikely to exercise a right of first refusal that would enable it to buy out Polkomtel's other shareholders. Four state-controlled Polish companies – energy group PGE, copper miner KGHM, oil company PKN Orlen, and coal trader Weglokoks – own slightly more than 75 percent of Polkomtel. They have been talking for years about selling their Polkomtel stakes and recently appointed advisers as some need to fund investment plans.
