France's Iliad makes $4.2 billion bid for Polish telecom firm Play

 

By Geert De Clercq

PARIS (Reuters) - France's Iliad moved to turn into Europe's 6th biggest cell phone administrator on Monday with plans to buy Poland's Play in a 3.5 billion euro ($4.2 billion) bargain.

Iliad, which has just consented to purchase 40% of Play from two investors, said it had now offered for the entirety of the administrator at 39 zlotys per share, a 38.8% premium to Play's Friday close.

It said the arrangement, its third move outside France subsequent to purchasing a minority stake in Ireland's eir and dispatching in Italy in 2018, gives Play a value estimation of 2.2 billion euros and a venture esteem, including obligation, of about 3.5 billion euros.

"This arrangement is a significant part in our internationalization methodology. It will make us Europe's 6th biggest cell phone administrator," Iliad CEO Thomas Reynaud told correspondents.

With 38 million occupants, Poland spoke to a powerful telecoms market with enormous development openings, he included.

Iliad will have 41 million supporters in France, Poland and Italy with the expansion of Play. It has 20 million in France after its Free image opened up the versatile market almost 10 years prior with ease offers on fixed phone, web and TV.

Reynaud declined to remark on further geological development, yet said in France Iliad will dispatch a corporate telecoms business and quicken in fiber, and in Italy it will offer rapid Internet.

Play is the latest contestant in Poland's versatile market and has developed 15 million supporters and a 29% piece of the pie since 2007 to turn into its driving administrator with 2,800 staff.

Throughout the most recent a year, Play had center income of 523 million euros on income of 1.6 billion euros.