UPC Poland

UPC Poland - the company provides services in the field of digital cable television and is one of the largest providers of broadband Internet access in Poland.

History

2021: Play bought UPC Poland for €1.53 billion

On September 22, 2021, Liberty Global announced that it had reached a final agreement to sell its 100% stake in UPC Poland to mobile operator Play (part of the Iliad group). Credit Suisse acted as Liberty Global's financial advisor on the deal.

Liberty Global agreed to sell UPC Poland for €1.53 billion, taking into account the usual adjustments to debt and working capital at the time of completion of the transaction. Closing of the transaction depends on the fulfillment of the closing conditions, including obtaining the necessary regulatory approvals. The closing of the transaction is expected to occur in the first half of 2022. As of June 30, 2021, UPC Poland networks in Poland were laid through 3.7 million houses and serve 1.5 million customers.

Play acquired rival UPC Poland for €1.53 billion

By September 2021, Play has more than 15 million subscribers. The operator provides mobile voice, messaging, data and video services to both consumers and companies on a contractual and prepaid basis. The 4G LTE/5G telecommunications network covers 99% of the Polish population.

This deal once again highlights the significant value of HFC fiber networks in Europe, as well as the significant synergistic advantages inherent in fixed-mobile convergence (FMC) mergers. We have been working in Poland for more than 20 years and are proud of our contribution to the growing digital economy of the country and the influence that we have on the communities where we work. I would like to thank and express gratitude to the entire team of UPC Poland managers, recently led by Robert Redeleanu, for their hard work and dedication over the years, "commented Mike Freese, Chief Executive Officer of Liberty Global.

Proceeds from the sale (less repayment of the debt of the UPC Poland banking group) are planned to be used for Liberty Global's general corporate goals, which may include reinvestment in the business and support of the company's significant share repurchase obligation.

In connection with the deal, Liberty Global agreed to provide Play with certain transition period services for up to four years. These services will mainly include network and information technology functions. The annual fee will depend on the actual level of services required by Play.^[1]

Notes