IlIad Agrees to Acquire a Minority Stake in Eir; FVE Unchanged, Shares Remain Overvalued
On Dec. 20 Iliad announced it agreed to acquire a 31.6% interest in eir, Ireland’s incumbent telecom operator, for EUR 320 million. Additionally, Iliad’s leading shareholder and vice chairman, Xavier Niel, will acquire a 32.9% stake. Iliad will have an option to buyout Niel’s position in 2024 at a 12.5% discount to fair market value. We believe this structure is being used to keep eir’s net debt of EUR 2.1 billion off Iliad’s balance sheet until its upcoming entrance into Italy will have had a c...
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