Iliad S.A. (ENXTPA:ILD) acquired 40.2% stake in Play Communications S.A. (WSE:PLY) from Kenbourne Invest S.A. and Tollerton Investments Limited for PLN 4 billion on September 21, 2020. Under the terms of the transaction, Iliad will pay PLN 39 per share. Iliad will also launch a tender offer to acquire the remaining stake in Play at PLN 39 per share. The transaction will be financed with debt and available cash, with acquisition financing already secured with a pool of international banks. Iliad has secured six out of nine board seats in Play. The transaction has been unanimously approved by the Board of directors of Iliad and Play. The acquisition will be accretive for Iliad's shareholders in terms of both EPS and FCF per share as from the very first year. Lazard Ltd acted as a financial advisor to Iliad S.A. JPMorgan Chase & Co. (NYSE:JPM) acted as financial and fairness opinion advisor to Play Communications S.A. in the transaction. SG Corporate & Investment Banking acted as financial advisor to iliad S.A. (ENXTPA:ILD). White & Case LLP represented by Marc Israel, Ian Bagshaw, Marcin Studniarek, Rafal Kaminski, Jakub Gubanski and Grzegorz Jukiel acted as the legal advisor for Play, Olympia, parent of Tollerton and Novator, parent of Kenbourne.

Iliad S.A. (ENXTPA:ILD) completed the acquisition of 40.2% stake in Play Communications S.A. (WSE:PLY) from Kenbourne Invest S.A. and Tollerton Investments Limited on September 21, 2020. Olivier Assant, Florence Haas, Yelena Trifounovitch, Julien Gayral, Laetitia Tombarello, Samuel Pariente and Aurélien Jolly of Bredin Prat & Associes acted as legal advisor to iliad. So'tysi'ski Kawecki & Szl'zak and Arendt & Medernach SA acted as legal advisor to Iliad. On February 11, 2021, Iliad issued €600 million and €700 million respectively and net proceeds of the issue will be used by Iliad to refinance the acquisition of Play. The syndicate of joint lead managers comprised Banco Sabadell, BayernLB, BNP Paribas, CIC Market Solutions, Crédit Agricole CIB, HELABA, ING, J.P. MORGAN, La Banque Postale, Natixis, SMBC Nikko, Société Générale and UniCredit Bank. Véronique Delaittre of Linklaters has advised Iliad on the deal and Cédric Burford and Auriane Bijon of Clifford Chance was the adviser of the bank syndicate.