The French telco Iliad is looking to create a fully converged operation in Poland, making a non-binding offer for the country’s largest cableco UPC. The transaction would be valued at PLN7.3 billion (USD1.9 billion), based on an estimated 2021 EBITDA of PLN782 million. UPC is currently owned by US-owned, UK-headquartered Liberty Global. Both Iliad and UPC have stated that discussions are ongoing and there is no certainty that a deal will be reached.
In September 2020 it was announced that Iliad was buying a stake in Poland’s number two cellco Play, with the French group going on to buy out minority shareholders to give it full control. The combination of Play and UPC would create a converged business to rival the likes of Orange Poland and the Polsat Plus Group. In a statement accompanying its Q2 financial results Iliad said that it has also been studying the possibility of creating a new vehicle to roll out fibre networks in Poland.