France’s Iliad moved to become Europe’s sixth-largest mobile phone operator on Monday with plans to purchase Poland’s Play in a 3.5 billion euro ($4.2 billion) deal.
Iliad, which has already agreed to buy 40% of Play from two shareholders, said it had now bid for all of the operator at 39 zlotys per share, a 38.8% premium to Play’s Friday close.
It said the deal, its third move outside France after buying a minority stake in Ireland’s eir and launching in Italy in 2018, gives Play an equity value of 2.2 billion euros and an enterprise value, including debt, of about 3.5 billion euros.
“This deal is a major chapter in our internationalisation strategy. It will make us Europe’s sixth-largest mobile phone operator,” Iliad CEO Thomas Reynaud told reporters. With 38 million inhabitants, Poland represented a dynamic telecoms market with huge growth opportunities, he added. Iliad will have 41 million subscribers in France, Poland and Italy with the addition of Play. It has 20 million in France after its Free brand opened up the mobile market nearly a decade ago with low-cost offers on the fixed telephone, internet and TV.
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