Iliad heads for € 10bn win Niel ousts his latest move
19m | Alan Burkitt-Gray
Xavier Niel is only a few days away from owning 100% of Iliad, the company he bought for 10 billion euros.
He has already acquired 96.40% of the capital and 96.17% of the voting rights of the company and is expected to oust the remaining shareholders in the coming days.
Each will receive € 182 per share, exactly the same amount they offered to all the other shareholders at the end of July.
Its banks, BNP Paribas, Crédit Agricole and Société Générale, have informed the Autorité des marchés financiers (AMF), the French financial market regulator, of their intention to go ahead with the squeeze-out. Niel is well above the 90% threshold necessary for such action.
Last July, Niel (photo) said that the privatization of Iliad, which he founded in 1995 as the first ISP in France, would allow “rapid transformations and significant investments … more easily made as a non-company. listed ”. He declared: “Our ambition for Iliad encourages us to accelerate its development to make it a telecommunications leader in Europe.
Iliad, which operates in France under the Free brand, took over the Polish telecommunications company Play last year, and also owns Iliad Italia. Niel separately owns the Irish incumbent operator Eir.
Iliad’s shares have already been suspended on the French Euronext market, but the stock exchange will delist them on October 14 following the squeeze-out.
Founded in 1999, Iliad achieved a turnover of 5.9 billion euros in 2020, up 10.1% compared to the previous year. The company has 13.3 million mobile subscribers in France and 6.5 million fixed subscribers.
In Italy, where the company took over spectrum and infrastructure following Wind’s merger with Tre (Three) in 2018, it has 7.2 million mobile subscribers.
Play in Poland, founded in 2007 and acquired last year, has 15.4 million mobile subscribers.