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Stream sells Polish cable TV subsidiary to Penta

2008-02-24

Stream Communications Network & Media Inc., a broadband cable company offering cable TV, Internet and VoIP services in Poland, has closed the sale of its Polish subsidiary to Penta Investments Ltd., a Central European private equity firm.

Penta purchased 15,640 existing shares in Stream Poland for 20.3 million zloties (€5.7 million) and 16,900 newly issued shares for 23.4 million zloties, Stream said in a statement issued Feb. 22. Penta has also committed to provide sufficient capital to finance the modernization of networks, introduction of new services, and acquisitions of additional cable TV networks.

Stream is the seventh largest cable TV operator in Poland, focusing on the densely populated markets in the south.

About $5.9 million (€4.0 million) of the proceeds will be used by Stream to retire indebtedness. The remaining $6.9 million will be used to finance further growth.

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