At what enterprise value was PLAY acquired in 2020?

During the acquisition of PLAY by ILIAD GROUP in 2020, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of PLAY when it was acquired by ILIAD GROUP?

The estimated EV/EBITDA multiple for PLAY is in the range of 5x - 12x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was PLAY acquired by ILIAD GROUP?

PLAY was acquired by ILIAD GROUP in 2020.

What was the revenue of PLAY at the time of the deal?

The revenue of PLAY at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of PLAY during the acquisition?

PLAY's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the PLAY acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the PLAY deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.iliad.fr/media/CP_210920_Eng_48aa0f83f5.pdf

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Home Database TMT (Tech, Media, Telecom)PLAY

09/2020

PLAY acquired by ILIAD GROUP

POLAND Telecom / Operators EV 3b - 100b EUR

Context

Iliad SA has launched a friendly public tender offer to acquire 100% of the capital of Play, executing a major cross-border corporate buyout within the European telecommunications sector. The transaction is structured as an all-cash offer, which received unanimous approval from Play's board of directors and is scheduled for finalization by the end of the year. To secure execution, Iliad has obtained firm undertakings from Play’s two main reference shareholders to tender their combined equity stake. The transaction's financial engineering relies on Iliad’s existing cash reserves and senior credit lines arranged by a syndicate of commercial banks, which will increase the group's net debt leverage ratio. The investment thesis centers on scale-driven geographical diversification and market consolidation within the European digital infrastructure landscape. By fully absorbing Play—the leading mobile network operator in Poland with 15 million subscribers—Iliad reconfigures its corporate footprint, transitioning into the sixth-largest European mobile operator with a combined customer base of over 40 million subscribers. This corporate combination substantially diversifies Iliad's revenue mix and cash-flow profile, shifting its historical reliance away from the French domestic market to expand its international operations.

PLAY, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Play is a Polish mobile operator founded in 2007, providing mobile phone, internet, and television services. The company has successfully positioned itself as one of the leading players in the Polish market, with a market share of 29% and over 15 million subscribers. Play is known for its innovative approach and focus on quality and simplicity, which has allowed it to differentiate itself in a competitive market. The company has also invested in 4G technology and developed an extensive network to offer high-quality services to its customers. Play is a profitable business, generating over 500 million euros in EBITDA, and is well-positioned to continue growing and expanding in the Polish market.

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REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PLAY by ILIAD GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: play

Acquirer: iliad group