BMI View: The deployment of next-generation infrastructure is driving usage of premium non-voice
services as well as complex, multi-screen converged services in Poland. UPC is capitalising on this trend
and has agreed to buy Multimedia Polska with the aim of ramping up its multi-play services business.
However, a decision from the regulator in October 2017 that the merger could reduce the competition in
the market could put a dampener on the deal. Acquiring Multimedia will be revenue and ARPU-dilutive in
the medium term, but it will give UPC an edge over its peers in terms of reach. As a mature market, way
past saturation point, mobile ARPUs are also likely to decline within the next five years.