French telecoms group Iliad plans to acquire Polish mobile provider Play in a €3.5 billion (US$4.11 billion) deal, expanding billionaire Xavier Niel’s company at a time of depressed valuations across the sector, reported the Financial Times.
Iliad said in a statement on Monday, September 21, that it would launch a tender offer for Play for 39 zlotys (US$10.21) per share, and had already received the agreement of the Polish group’s two biggest shareholders Kenbourne Investments and Tollerton Investments to sell their 40% stake.
Weak share prices across the European telecoms sector has presented buyers and funds with opportunities to take assets seen as undervalued private or clinch takeovers. Iliad’s move for Play comes shortly after Spain’s
