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The Warsaw Voice » Business » December 7, 2017
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Polsat-Netia deal in the experts' eyes
December 7, 2017   
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Media and telecom group Cyfrowy Polsat's planned acquisition of a considerable stake in listed telecom Netia has drawn mixed comments from analysts surveyed by the dailies Parkiet and Puls Biznesu.
The pricing of the telecom, as well as the change of the firm's investment profile, will prove negative for Cyfrowy Polsat, Wood&Co's Piotr Raciborski says as cited by Parkiet.
In the short term, the group's arch-rival Orange Polska might gain as a result of the transaction, he adds. The tender offer price of Netia's shares, at PLN 5.77 apiece, is deemed "extravagant" by DM BZ WBK's Pawel Puchalski.
The terms of transaction are beneficial for both sides, as Netia's shareholders are in for a fair bonus and Cyfrowy Polsat will be able to generate synergies justifying the higher pricing, Raiffeisen Centrobank's analyst Dominik Niszcz contends as quoted by Parkiet. Cyfrowy Polsat might decide to delist Netia in the long run, Niszcz adds.
The pricing of Netia is high, but Cyfrowy Polsat's capitalization allows it to pay more for the telecom if the group believes it needs such an asset, mBank's analyst Pawel Szpigiel comments for Puls Biznesu. On the flip side, Netia's infrastructure may prove insufficiently developed in the light of Cyfrowy Polsat's plans to progress its B2B activity, and as such may force the group into higher expenditures, putting the dividend under the question mark, Szpigiel adds.
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