In a statement, it says that as part of the offer, iliad has entered into a binding agreement with two major shareholders of Play ensuring the acquisition of a controlling stake of Play amounting to 40.2% of shares. It adds that the submitted offer will now only require the consent of the European Commission.
Commenting on the transaction, Jean-Marc Harion, president of the management board of Play, said: “Taking into account all the above-mentioned similarities and benefits, the Play Management Board has a positive attitude to the offer submitted by iliad. We see many exciting challenges on the Polish market, such as: development of 5G technology, implementation of the broadband network offer, development of cloud services and proposing a new approach to television. We are happy that we will be able to take on these challenges with our new future shareholder”.
Thomas Reynaud, president of the management board of iliad Group, added: “Play and iliad have a lot in common. Both companies entered the stabilized telecommunications markets as new entrants, challenging the status quo, introducing innovative and simple offers that were in the best interest of customers. Therefore, joining the forces of both companies is a logical business move. After making this transaction, Play enters a new chapter. The achievements of the Play team in the mobile services market are an excellent foundation for further development, in particular in the segment of fixed broadband and ultra-fast broadband services, to which iliad will bring its experience. We are glad that iliad is entering the Polish market”.
Earlier, Play released a statement in which it said that it had received an indicative non-binding offer from iliad on August 10. It decided to delay disclosure of the agreement until now “as it could adversely affect the conclusion of the potential transaction and create uncertainty about the company’s future and implementation of the adopted strategy. Moreover, immediate disclosure of the inside information could have resulted in an incorrect assessment of the information by the public, including investors and shareholders of the company, and could have caused unjustified changes in the company’s share price”.
Play is the leading mobile operator in Poland and has a presence in the country’s TV industry.