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09/2021100%

Upc Poland acquired by Iliad Group

POLAND Telecom / Operators EV PLN 1–10bn

Context

The iliad Group, acting through its subsidiary Play, entered into an agreement to acquire 100% of the share capital of UPC Poland. This strategic move represents a major step in iliad's expansion within the Polish market following its initial entry through the acquisition of Play. The transaction combines the strengths of a leading mobile operator with a premier fixed-line provider to create a strong convergent operator. The integration is designed to support product innovation and accelerate long-term investments in next-generation fiber networks for consumers and businesses. The combined forces of both companies aim to foster nationwide connectivity and contribute to the digital transformation of the Polish economy.

Upc Poland, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (14.2x in 2021).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

UPC Poland is a premier fixed-line operator and one of the largest internet service providers in the Polish market. The company provides nationwide connectivity through an extensive fiber-to-the-x (FTTx) network. It offers a high-quality platform for both residential (B2C) and business (B2B) segments. The operator is recognized for its strong service standards and significant infrastructure footprint across the country.

Ent. Value

PLN 1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (PLN)

Year
Rev
EBITDA
EBIT
2020
PLN 1–10bn
PLN 450–900M
[members only]
2019
PLN 1–10bn
PLN 450–900M
[members only]

Other operations with Iliad Group

Other operations with Iliad Group
DateAcquirerTargetCountrySector
09/2020ILIAD GROUPPLAYPOLANDOperators

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REFERENCES

Valuation range: EV PLN 1–10bn

Revenue range: PLN 1–10bn

EBITDA range: PLN 450–900M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 5x - 12x

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

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: iliad group

FAQ

What transaction does this page cover?

This page covers Iliad Group’s acquisition of 100% of Upc Poland, a Polish company specialised in Operators, in 2021.

How was the acquisition of Upc Poland by Iliad Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the PLN 1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Upc Poland’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Upc Poland generated annual revenue estimated in the PLN 1–10bn range and EBITDA in the PLN 450–900M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of Upc Poland compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

The estimated multiple of 5x - 12x sits below the sector median of 14.2x recorded in 2021, indicating an attractive entry multiple for Iliad Group or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.