POLAND: CEDC to pay US$317m for Bialystok stake
Central European Distribution Corp. will pay around US$317m for the majority stake in Polmos Bialystok it secured earlier this week. In documents accompanying a forthcoming bond issue, the US distributor yesterday (6 July) announced the figure it will pay the Polish Treasury.
Reuters said yesterday that the Treasury Ministry had earlier signalled that it was expecting to receive at least PLN770m (US$206m) from the sale of the 61% stake. The remaining 39% was issued in an IPO in May.
CEDC was awarded the chance to buy the majority holding on Monday after agreeing terms with Bialystok's unions, giving them 10-year job guarantees and one-off privatisation bonuses equating to around 10 monthly salaries for workers, Reuters added.
The company will finance the purchase through a seven-year, €300m-denominated Eurobond.
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