MCI Management to sell stake in Poland.com

Polish telecoms provider Electrim has agreed to buy a 75 per cent stake in Poland.com at a significantly reduced amount from its last offer.

Polish venture capital group MCI Management has agreed to sell a majority stake in internet portal Poland.com to Elektrim, the Polish telecoms and power group.

MCI is selling a 75 per cent stake in Poland.com for a total of 24.3m zlotys (E6.75). This amount will be paid from a 17.5m zloty loan, which MCI had borrowed from Electrim, and 6.8m zlotys in cash.

Both Elektrim and MCI Management have agreed to provide further funding for the development of poland.com.

This is Elektrim’s second attempt to gain control over Poland.com. It failed to seal an agreement earlier this year that would have given it 55 per cent of the portal for a total of $16.3m in cash and services, according to Reuters.