Netia Hits 10-Year High on Report Firms to Start Due Diligence

Netia SA (NET), Poland’s second-largest fixed-line phone company, soared to the highest level in more than 10 years after Reuters reported three private equity firms will start due diligence on the company.

The shares gained 3.3 percent stronger as of 4:11 p.m. in Warsaw, the highest intraday level since November 2001.

Innova Capital Sp. z o.o. is among the three private equity companies, one of which is linked to mobile-phone operator Play, that will study Netia’s financials after Easter, Reuters reported today, citing two unnamed sources.

Netia’s spokesman, Karol Wieczorek, declined to comment when contacted by Bloomberg News.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net