France Telecom to sell 34 pct stake in Poland's Centertel for 4.88 bln zloty

France Telecom said it has agreed to sell to Telekomunikacja Polska (TP) a 34 pct stake in their joint venture Centertel, for 4.88 bln zloty.

TP, in which France Telecom holds a controlling 47.5 pct stake, will own 100 pct of Centerel after the transaction.

The deal will have no impact on France Telecoms net debt position.

It will allow TP to implement an integrated operator strategy, while enhancing its capital structure and ensuring sufficient financial flexibility for future dividend distribution policy, the French incumbent operator said.

Centertel is Poland's second largest mobile phone operator, with a market share of 33.5 pct at end-September. It had sales of 5.64 bln zloty in 2004.

(Source: AFX)