Montagu Private Equity has received non-binding offers for Polish media, broadcast and infrastructure company EmiTel.

Montagu PE has selected a shortlist of around four, which is said to include Antin Infrastructure, First State Investments and Alinda Capital Partners, plus one other, sources said.

Macquarie Capital, ING and HSBC are all advising on the buy-side and Goldman Sachs on the sell-side. Binding bids are due at the end of November/ early December.

Valuation for the asset is being pitched at between €600 million and €700 million.

In June 2011 Montagu Private Equity completed the acquisition of TP Emitel Sp. z o.o. from Telekomunikacja Polska S.A.

Emitel, headquartered in Cracow, Poland, has c.950 employees and operates in Poland. It is the owner of a nationwide infrastructure to provide mission critical transmission services for the broadcasting of terrestrial TV and radio throughout Poland. In the last few years, Emitel has started to leverage off its infrastructure to provide services to mobile network operators such as site rental, "last-mile" transmission and maintenance. It is also looking to grow its presence in new media services, such as delivering content to digital cinemas.

Montagu was attracted to Emitel's defensive characteristics with high levels of recurring revenues supported by long-term contracts, unrivalled market position in the broadcasting segment as well as high growth potential on the back of unique infrastructure.

Emitel is contributing to the success of digitalisation process in Poland, leveraging its countrywide infrastructure in the telecom segment and enlarging its offering in media services.