ILIAD Acquisition of UPC Poland
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Transaction highlights
- Share purchase agreement signed with Liberty Global to acquire 100% of UPC Poland for cash
- UPC Poland is one of the leading cable operators in Poland with 3.7 million Homes Passed, 1.5 million subscribers, and revenues of PLN 1,698 million and EBITDAaL1 of PLN 757 million in 2020
- Enterprise Value of PLN 7.0 billion:
- 9.3x 2020A EBITDAaL1 before synergies
- c7x 2020A EBITDAaL1 post run-rate synergies
- Impact on iliad Group:
- Stronger cash flow generation at group level
- Proforma for UPC Poland acquisition, iliad's leverage at end-June 2021 would be at 3.1x (pre-synergies) vs. 2.75x ex-UPC PL
- Contemplated next steps:
- H1 2022: Closing of transaction
- Transaction subject to antitrust conditions (EC Level 1)
1) Equivalent to Liberty Global's OFCF definition adjusted from share of central costs
22-09-20213
Transaction rationale
1 | 2 | 3 | 4 |
CREATION OF A | SIGNIFICANT | INVOLVEMENT | RATIONALIZATION | |
STRONG NGN | SCALE BENEFIT | INTO THE | OF THE | |
PLATFORM | AND | DIGITALIZATION | INTERACTIONS | |
INVOLVEMENT IN | OF THE | WITH THIRD | ||
POLISH FIXED | ECONOMY | PARTIES THROUGH | ||
INFRASTRUCTURE | THE | |||
UPGRADE | CONTEMPLATED | |||
COMBINATION | ||||
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UPC Poland - Snapshot
ASSET OVERVIEW
- One of the leading cable operators and third largest fixed player in Revenues in Poland
- Significant domestic territory coverage (150 cities and 3.7m HPs, of which 0.1m are FTTH)
- Network revolving around 8 regional clusters formed around major cities (Warsaw , Katowice, Krakow, Szczecin, Lublin, Gdansk, Wroclaw and Bydgoszcz)
- Large and diversified services offering: Pay- TV, Broadband, Voice and Mobile (on Play's network)
KEY FINANCIALS
SELECTED OPERATIONAL KPIs
Fixed Homes Passed Evolution
in k | +3.3% | +2.4% | +2.5% |
3,354 | 3,464 | 3,548 | 3,635 |
2017 | 2018 | 2019 | 2020 |
Fixed Unique Subs Evolution (BB and TV)
in k | +2.5% | +2.8% | |
+0.9% | |||
1,435 | 1,448 | 1,484 | 1,525 |
in €m | 2019A | 2020A | |||||||||
2017 | 2018 | 2019 | 2020 | ||||||||
Revenues | 1,634 | 1,698 | |||||||||
Broadband RGUs Evolution | |||||||||||
% Growth | +3.9% | ||||||||||
in k | |||||||||||
+4.7% | |||||||||||
EBITDAaL1 | 741 | 757 | +3.1% | +4.7% | +4.9% | ||||||
% Margin | 45.3% | 44.6% | 1,140 | 1,175 | 1,230 | 1,250 | 1,290 | 1,309 | |||
Capex(1) | 460 | 451 | |||||||||
% of | Revenues | 28.1% | 26.6% | 2017 | 2018 | 2019 | Q2 20 | 2020 | Q2 21 | ||
1) Equivalent to Liberty Global's OFCF definition adjusted from share of central costs |
1503.7m
CitiesHPs
Covered
22-09-20215
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Iliad SA published this content on 22 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2021 05:11:02 UTC.
