Iliad announces its intention to acquire Play, a Polish telecom operator


French giant Iliad launched a public tender offer for all of the shares making up the capital of the Polish telecom operator, Play.

The offer is set at a cash amount of PLN 39 per share (representing a total of c. €2.2 billion for 100% of the share capital and an enterprise value of c. €3.5 billion).

Iliad has signed a binding agreement to purchase a 40% controlling interest from Play’s two reference shareholders for the same unit price (i.e. PLN 39 per share), which will give Iliad the majority of seats on Play’s Board of Directors.

The deal remains subject to obtaining clearance from the relevant regulatory authorities and notification of the planned acquisition will be submitted to the European Commission.

Play has seen exceptional growth over the past 15 years. It is the most recent entrant in the Polish mobile telephony market, having entered in 2007, and today it has 15 million subscribers and a 29% market share, making it the leading mobile telephony operator in Poland.

Play currently employs some 2.800 people.

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