Yes it will. I have literally had this happen at a Regionals with a judge ruling and all, so I am sure. Just make sure to note that the “untap” part of the effect happens as the effect resolves, so even though you get two extra combat phases, the untaps still happen at the start of the first combat phase when both triggers resolve (i.e. you will not get to untap for the 2nd additional combat phase)
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