P4, the operator of the Play network and a subsidiary of Play Communications, has concluded the final share purchase agreement for the acquisition of 100% of shares in Virgin Mobile Polska.
According to Play, the shares were acquired from partners and major investors, including Delta Partners Emerging Markets TMT Growth Fund II L.P. and Dirlango Trading & Investments Limited and the deal was made possible after fulfilling all the conditions precedent under the preliminary agreement, including obtaining the antimonopoly approval of the president of the Office of Competition and Consumer Protection (UOKiK).
Virgin Mobile Polska, a brand present on the market since 2012, will continue its activities within the Play Communications group. It is the second recognisable international brand, after Red Bull Mobile, in the Play portfolio.
Commenting on the development, Jean Marc Harion, Play CEO, said: “Virgin Mobile is an offer complementary to the Play offer, we see many synergies that will strengthen both brands at the offer, communication and distribution level. We plan to further develop this brand and increase its market share both in the pre-paid and post-paid segment”.
The payment for the Virgin Media Polska shares as well as the transfer of their ownership took place on the transaction closing date. The purchase price for 100% of shares in Virgin Mobile Polska was set at €3.4 million (PLN59 million).
The transaction was financed with its own funds and external financing available to Play.
