Yesterday, Telekomunikacja Polska signed a preliminary agreement with European Directories Group for the sale of 100% of Ditel S.A. shares. The company belongs to TP Group and is a publisher of White and Yellow Pages in Poland.
The sale of Ditel shares is a new step in the execution of the TP Group strategy for the years 2008-2010, announced in July 2007, in the area of optimizing the TP Group's scope of operations. Value of the potential transaction, on an Enterprise Value basis, is EUR 20 million.
- "The transaction represents a milestone in the implementation of TP Group "CORE" strategy, while providing additional flexibility to address the strategy for "MORE." It also gives Ditel the opportunity to expand as part of a new Group focused on directory services business. I'm convinced that European Directories is a good partner for the development of Ditel and we look forward to cooperating with them" - said Benoit Merel, CFO of TP Group.
Ditel S.A is the publisher of White and Yellow Pages telephone directories and provider of online directory service www.ditel.pl. It started operations in 2000 as a unit of Telekomunikacja Polska and was transformed into a company in 2002. Revenues of the company in 2006 amounted to PLN 98 million.
European Directories is a geographically diversified directories group, holding the number one or strong positions in several markets across Europe including The Netherlands, Finland, Denmark, Austria, Czech Republic, Sweden, Gibraltar, Slovakia and Poland, where it owns directory services company pkt.pl. Polskie Ksiazki Telefoniczne.Sp.z.o.o. European Directories Group has around 4,000 employees and over 700,000 customers.
Execution of the preliminary agreement is subject to consent of the Polish Office of Competition and Consumer Protection (UOKiK), which is expected within three months.