The investment vehicle, controlled by Polish businessman Zygmunt Solarz-Zak, will pay a cash consideration of £815 million before tax and transaction costs.
The telecoms company commented that the disposal underpins Vodafone’s strategy to realise value from its non-controlled assets. Net proceeds from the sale of Vodafone’s stake would be used to reduce its net debt.
Round-up of today’s M&A deals
- Political publisher Dods has acquired the news aggregation site PoliticsHome from Political Investments and Politics Home both of which are controlled by former Conservative Party deputy chairman Lord Ashcroft.
Value: Dods will pay consideration of up to £2 million in 2014, depending on certain revenue targets.
Advisers: Cenkos Securities
- Restore has bought out Management Archives
Advisers: Cenkos Securities, Threadneedle Communications
- Mecom Group has reached agreement to sell Presspublica to Gremi Media. Presspublica publishes a Polish national daily newspaper “Rzeczpospolita” and operates a number of related websites
Value: £18.1 million