Bidders value TP Emitel at €390m

Poland’s largest telco Telekomunikacja Polska could complete the sale of its TV and radio broadcasting division by end-February, raising 1.5 billion (€390 million) Polish zloty in the process.
Several companies have made offers for TP Emitel that value the business at a minimum of ten times higher than 2010 EBITDA of 150 million zloty, company sources told Bloomberg.
The telco – a subsidiary of France Telecom – aims to have final offers on the table by mid-February and agree the sale by the end of the month, the sources say.
Emitel generated net income of 80.3 million zloty in 2009, an increase of almost 5% on 2008, Bloomberg noted.
Reports last month stated up to six bidders had expressed an interest in acquiring the broadcasting business, the bulk of which are private equity firms.