Published: 10.48 Europe/London, June 24, 2011

Cyfrowy Polsatís founders Zygmunt Solorz-Zak and Heronim Ruta have raised PLN1.35 billion (Ä337.8 million) this week through the sale of a 25% stake in the company.

Local reports indicate investors paid PLN15.7 per share for the 86.1 million on offer. Solorz-Zak, who still retains a majority stake in Cyfrowy Polsat, now plans to invest the proceeds in his telco activities, which are focused the use of Long Term Evolution (LTE) technology.

He is also moving closer to acquiring the Polkomtel, which operates the mobile network Plus, in a deal that could be worth around PLN18 billion.