Vodafone (Buy, TP: 140p, +111%) Iliad (HY coverage, but not rated) Iliad goes public with its Vodafone Italy offer.... less than a week after the Spanish remedy proposal
On Tuesday of last week we received notification of a remedy proposal for Orange-Masmovil in Spain (HERE), which we thought could encourage other 4-3 deals in Europe. Less than a week later, Iliad has proposed a merger (really a takeover) with Vodafone in Italy. In this note, we run through our thoughts on the proposed deal.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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