In Play

21 September 2020 By Ed Cropley Follow @edwardcropley

The French telecom firm is offering $4.2 bln for Play, the eastern European nation’s top mobile operator. Despite the 39% premium, Chairman Xavier Niel is hardly overpaying. The bigger worry is the cost of completing his target’s journey from mobile upstart to multi-media player.

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French telecommunication operator Iliad launched a 3.5 billion euro ($4.2 billion) bid for Polish mobile phone company Play Communications on Sept. 21, its third move outside France.

Iliad, which also has operations in Ireland and Italy, said it had secured approval for its offer of 39 zlotys (4.8 euros) per share from two Play investors representing 40% of the company’s shares.

Play launched in 2007 and grew quickly to become the eastern European country’s biggest mobile operator, with 15 million subscribers and a 29% market share.

Play shares rose 37% to 38.54 zlotys by 0831 GMT on Sept. 21. The offer represented a 39% premium to Play’s closing price on Sept. 18. Iliad shares fell 2.4% at 165 euros.

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