Polsat Group sale & lease-back with Cellnex Poland

• Sells 99.99% stake (2,069,656 shares) in Polkomtel Infrastruktura (NetCo: passive & active layers), excludes Core network & spectrum
• Polsat to retain 207 shares = 0.01%
• Price: PLN 7.1b = EUR 1.57b (PLN 7,070,292,853.20 = 3,416.17 PLN/share)
• 2020:
• rev PLN 958m
• EBITDA PLN 673m
• EBIT PLN 116m
• cash capex PLN433m
• Assets:
• 7k sites, 37k systems, 11300 km transmission network, microwave links
• Polsat Group is committed to order in NetCo a certain number of incremental sites and additional emission systems under specified timeframes: Cellnex to invest EUR 600m to add 1500 sites + active equipment in 10 yr; (Cellnex total portfolio grows to 128k sites in Europe)
• Break-up fees:
• PLN 179,500,000 payable by Cellnex (if it fails to obtain the antimonopoly clearance)
• PLN 718,000,000 by either (for failure to comply with any of key completion obligations)
• Plans Master Services Agreement with Cellnex for MNO Plus (renewable for 15 yr); monthly remuneration dependent on the number of sites and active infrastructure systems used and additionally ordered in the future by Polsat Group
• Open to cooperation with additional tenants