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120/2013 Orange Polska signed an agreement for sale of Wirtualna Polska for PLN 375 million - Orange Polska

Pursuant to article 56(1.1) of the Law of 29 July 2005 on public offering and the conditions for introducing financial instruments to the organised trading system and on public companies (Journal of Laws of 2005, No. 184, item 1539, as amended), the Management Board of Telekomunikacja Polska S.A. (“Orange Polska”) informs about concluding an agreement on disposal of shares of Wirtualna Polska S.A. a subsidiary of TP S.A.

Orange Polska signed an agreement for sale of Wirtualna Polska for PLN 375 million

 Approximately PLN 180 million positive impact on profit before tax in 2014

October 23, 2013: Orange Polska signed the sale agreement with O2 Sp. z o.o., based in Warsaw for all shares of Wirtualna Polska S.A., based in Gdańsk, each share at nominal value of PLN 4. The shares constitute 100% of Wirtualna Polska’s share capital, entitling to 100% total voting power at the General Meeting of Shareholders. Transfer of ownership of the shares is conditioned by obtaining the consent from the Polish Competition Office (‘UOKiK’) by the buyer. The agreement does not contain other suspensory conditions.

The total purchase price amounts to PLN 375 million (subject to minor adjustments at closing). The Group expects to finalise the transaction in 1Q 2014 and to generate a capital gain estimated at approximately PLN 180 million, which will positively impact the Group’s EBITDA and profit before tax in 2014. Proceeds from sale of subsidiaries are not included in organic cash flow.

 

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