Polish operator P4, trading under the brand Play, has signed an agreement granting it a call option to acquire Virgin Mobile Poland (VMP), the country's largest MVNO with 412,000 customers at the end of 2016.
The mobile operator entered into a set of agreements with VMP and its shareholders, Dirlango Trading & Investments Limited and VMCEE, as well as with a group of its leading investors, Vegueros Cooperatief (a wholly owned subsidiary of Delta Partners Emerging Markets TMT Growth Fund II L.P.), Farledico Investments Limited (a wholly owned subsidiary of Lukasz Wejchert) and Kai-Uwe Ricke.
The agreements give Play, among other things, a call option to acquire all the shares in VMP during 2020 at an agreed valuation methodology based on VMP's one time annual revenue, adjusted by certain elements. The investors undertook to procure that all the shares in VMP are sold to Play in the case that Play exercises the call option.
In addition, the agreements define the terms of future cooperation between Play and VMP, continuing the successful relationship from the inception of VMP, with increased committed revenues of approximately PLN 25 million up to total of approximately PLN 84 million to Play for the years 2018-2021. Play is satisfied with these agreements, as these enhance its leadership in the Polish mobile market.
