French M&A: Is it possible? Proprietary survey suggests GUPPI ratio for deals; we show synergy potential too
On Iliad’s Q3 call, Iliad said that it had attempted M&A “seven times” before, but that it was no longer possible due to “the size of the companies merging and the complexities from an anti-trust perspective”. In this report, we update the diversion and GUPPI ratios from our recent proprietary survey, to see if Iliad is right.
Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
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- Pan European Telecom Services and Cable
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