Polkomtel, a company from Polsat Group and the operator of Plus mobile network, signed a letter of intent with PM 1 Mobile Holdings Limited and WBN Holding Limited concerning the determination of initial conditions of a transaction which will be targeted at taking sole control over Premium Mobile sp. z o. o., a company which is the most dynamically developing domestic MVNO (mobile virtual network operator) in Poland.
The completion of the transaction is dependent on obtaining a relevant antimonopoly consent for which a motion has been already placed with the Office for Competition and Consumer Protection.
“We have been looking at the unique concept and dynamic development of the Premium Mobile brand for years now as its customers are using our Plus network since the very beginning. As opposed to a number of other MVNOs, the founders of Premium Mobile have bet on the contract model; the company has been building its customer base very successfully and has been a clear leader in mobile number portability statistics for some time. Therefore, we decided to invest in this enterprise already three years ago with a view to securing our wholesale revenue and now, when Premium Mobile becomes a profitable business, we decided to take full control over this company,” said Maciej Stec, Vice-President of the Management Boards of Cyfrowy Polsat and Polkomtel.
After five years since its commercial launch, Premium Mobile currently serves approximately 425 thousand active SIM cards, with approx. 70% of them using contract services. The scale of revenue generated by this company reached PLN 125 million in 2020, increasing dynamically at a rate of +37% YoY. The pace of new customer acquisitions is not decreasing in 2021, as evidenced by the fact that in Q1’21 Premium Mobile was again a clear leader in Mobile Number Portability among MVNOs, obtaining 13.2 thousand SIM cards net.
Within the framework of the signed letter of intent it was stated that the shareholders of PM 1 Mobile Holdings Limited, a company representing the originators and founders of Premium Mobile, will receive for their 28.01% stake in Premium Mobile’s share capital the amount of approximately PLN 35.5 million, subject to certain adjustments as defined in the letter of intent, as part of the execution of the call option. Polkomtel’s intent, expressed in the letter of intent, is to acquire ultimately the remaining 53.69% stake of shares in Premium Mobile from WBN Holding Limited, with the purchase price for these shares to be implied by the amount of the settlement with PM 1 Mobile Holdings Limited.