Iliad founder hits key threshold in buyout bid - Mobile World Live

Iliad founder hits key threshold in buyout bid

30 SEP 2021

The holding company running billionaire Xavier Niel’s bid to take Iliad Group private surpassed the size of stake required to launch a squeeze-out procedure to acquire the remainder.

In an update on Holdco’s €3.1 billion bid to buyout minority stakeholders, it revealed it owned more than 96 per cent of the operator group’s shares as of yesterday (29 September).

Having surpassed the 90 per cent needed to acquire the remainder and delist the company, it noted the squeeze-out procedure would be invoked in the “coming days”.

At the time Neil’s holding company announced the big money bid in July he controlled almost 71 per cent of Iliad Group equity. By the time the buyout was formally kicked-off earlier this month, this had been increased to 84 per cent.

On originally announcing the move Niel stated the operator required “rapid changes and major investments which will be easier to undertake as an unlisted company” for its next stages of growth.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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