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Press release iliad GROUP Paris , September 22 , 2021 iliad Group to acquire cable operator UPC Poland In accordance with the announcement made on July 30 , 2021 , iliad Group and Liberty Global today announce that they have entered into an agreement for Play a subsidiary of iliad Group - to acquire 100 % of the share capital of UPC Poland for an enterprise value of PLN7.0 billion . Transaction rationale The acquisition of UPC Poland represents Iliad's next step in the Polish telecoms market following the acquisition of Play last year . Together , both operators will become the 2nd largest telecom operator in the Polish market with 2020 combined revenues of € 1.96 billion and 2020 combined EBITDAAL ' of € 697 million . UPC Poland is one of the largest internet service providers in Poland with 3.7 million homes passed in FTTx and 1.5 million subscribers . UPC Poland generated PLN 1,698 million in revenue and PLN 757 million in EBITDAAL ' in 2020 . Transaction highlights The acquisition of UPC Poland by iliad Group represents an enterprise value of PLN7.0 billion ( € 1.53 billion² ) , corresponding to a 2020 EBITDAAL multiple of 9.3x before synergies and c.7x after revenue and costs synergies . The transaction is to be financed from available cash and debt issuance at Play's level . The Board of Directors of iliad has unanimously approved the acquisition . At closing , UPC Poland will become a subsidiary of Play . The Group expects the integration of UPC Poland with Play to support product innovation and investments in fiber networks for the B2C and B2B segments . Together , Play and UPC Poland will cover all of Poland , serving more than 17 million mobile and fixed subscribers as of today . The announced transaction is expected to close in H1 2022 after clearance by the relevant authorities . This transaction is the conclusion of the indicative offer announced on July 30 , 2021 whose terms were communicated to the independent expert ( BMA ) as part of the simplified public tender offer . 1 Equivalent to Liberty Global's OFCF definition adjusted from share of central costs 2 EUR / PLN of 4.60 as of September 20 , 2021 1/2