The European Bank for Reconstruction and Development (EBRD) has reduced its stake in Cyfrowy Polsat, Poland’s leading pay-TV operator.

According to the bank, the shares, representing 2.44% of Cyfrowy Polsat’s total shares, were sold in an Accelerated Bookbuilt Offering launched after the stock market close in Warsaw on September 9. The transaction was completed at a price close to the closing one of PLN25.23 (€6) on the Warsaw Stock Exchange.

The EBRD originally acquired a stake in Polkomtel in 2011 as part of the company’s privatisation. This May, a share swap transaction was concluded between Polkomtel and Cyfrowy Polsat, creating a media telco company with almost 18 million customers.

Commenting on the transaction, Izzet Guney, EBRD director-head, information and communications technologies, said: “The Bank, as an active minority shareholder, has supported the transformation of Cyfrowy Polsat into Poland’s leading media and telecommunication company, creating a converged platform of media content with mobile assets unique in the region. We have confidence in the management team and are proud of what has been achieved, which we see as a sound basis for the company’s future development.”

Zygmunt Solorz-?ak, the founder and owner of Cyfrowy Polsat, added: “We have appreciated the strong support of the EBRD over this significant period in the company’s history and we look forward to our further co-operation with the Bank as a leading shareholder. This transaction illustrates the depth of support for the newly-merged company from international investors and increases the free float, thereby contributing to the liquidity of Cyfrowy Polsat and the development of Poland’s capital market.”