Shortly after Vectra operator withdrew its interest in taking over Multimedia, UPC has backed away from its bid saying it does not intend to overpay for the Polish business. It’s concerned that the communications sector has been growing more slowly of late. Multimedia’s owners expect a valuation comparable to the latest transaction of Aster network acquisition by UPC, it is said unofficially, though analysts claim the price of PLN 3bn is beyond its reach. Despite having taken on JP Morgan to help with the sale, and despite a seeming abundance of potential strategic investors earlier on, the sell-off could appear much more difficult than previously thought. With T-Mobile showing no interest in a deal so far, the company has no other choice than introduce its offer to the market to encourage private equity funds to join the game. At this point, Mid Europa Partners, BBC Partners along with Providence and CVC are considered candidates, that could increase Multimedia’s chances for success. The company opened its book for the buyers recently.
