A private investment vehicle controlled by Xavier Niel (pictured), CEO and founder of disruptive telecoms provider Iliad, has bought the 55 per cent stake held by Cable & Wireless Communications (CWC) in Monaco Telecom for €322 million.
Compagnie Monegasque de Communication (CMC) is the holding company for CWC’s stake in Monaco Telecom, which Niel has bought into. The Principality of Monaco holds the remaining 45 per cent of the operator.
As of 30 September CMC had around 35,000 mobile subscribers, 34,000 fixed-line customers and 17,000 sign-ups to broadband.
In the 12 months to 31 March 2013, CMC notched up pre-tax profits of $52 million on sales of $218 million.
Monaco Telecom also owns 36.75 per cent of Telecom Development Company Afghanistan Limited (Roshan), a mobile operator in Afghanistan.
CWC acquired 55 per cent of Monaco Telecom in June 2004 for €162 million, but its strategy is now to focus on the Caribbean and Latin America region.