Leading international law firm Herbert Smith Freehills has advised Cellnex, Europe’s leading operator of wireless telecommunications and broadcasting infrastructures, on reaching an agreement with Iliad, the parent company of Free, to acquire a 60% controlling stake in the company that will operate Play’s c. 7,000 telecommunications sites in Poland. Iliad launched a takeover bid for Play which is expected to complete by the end of November.
Cellnex will invest c. €800 million in acquiring the 60% stake, while the remaining 40% will continue to be owned by Play (Iliad) in line with the model that Cellnex and Iliad previously agreed for the sites formerly operated by Free (Iliad) in France.
The agreement between Iliad and Cellnex is expected to be closed by Q2 2021 and is subject to the mandatory authorizations and the completion of Iliad's acquisition of Play. As a result, Cellnex will have 73,000 sites in nine countries.
Partner Edouard Thomas, of counsel Cyril Boulignat and associate Frédéric Tual assisted Cellnex regarding corporate aspects, while partner Christophe Lefort and associate Thomas Herman assisted on project issues.