With PLAY, Novator created the most successful 4th mobile entrant in Europe – from new entrant to market leader in 10 years.

Novator successfully launched PLAY as a greenfield 4th mobile operator in Poland in 2007. In just 10 years since launch, PLAY gained more than 15m subscribers becoming the #1 Polish mobile operator with 28% subscriber market share.

Led by Novator, PLAY was floated on the Warsaw Stock Exchange in July 2017, with a market capitalisation of €2.2bn and EV of €3.9bn, and distributed in excess of €330m in dividends to its shareholders over the following three years.

Novator fully exited PLAY in 2020, selling its remaining stake to the Iliad Group, who launched a tender offer for 100% of Play in September 2020, valuing the company at €2.2bn equity value and EV of €3.5bn.


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