Xavier Niel, the founder and controlling shareholder of iliad, launched a simplified public tender offer for iliad valued at 182 euros per share, representing a premium of 61.0% on the closing share price at July 29, 2021.
Xavier Niel and iliad’s managers and long-standing shareholders who have undertaken to tender their shares to the offer, and/or transfer their shares to Xavier Niel’s holding companies, directly and indirectly own 74.9% of iliad’s share capital and 83.6% of its voting rights.
Xavier Niel, iliad’s reference shareholder, said: “I founded iliad in 1999 and I’m very proud of what the Group has grown into and the value it has created for all of its shareholders. Iliad is now entering a new phase in its development, requiring rapid changes and major investments which will be easier to undertake as an unlisted company. Our ambition for iliad is to accelerate its growth to make it a leading telecommunications player in Europe.”
Thomas Reynaud, Chief Executive Officer of iliad, stated: “Iliad’s management team welcomes this further demonstration of Xavier Niel’s commitment to the Group. This operation will secure iliad’s strategic independence and help us pursue our business development plan based on major investments in 5G and fiber. It’s a question of growth, trust and confidence. I’m very excited at the idea of starting a major new chapter in iliad’s history, with the full support of Xavier Niel and the Group’s 15,000 employees.”
Separately, iliad reported its growth for Services revenues reached 6.3% in the second quarter, up on the 4.8% increase recorded for the first three months of the year. Excluding the consolidation of Poland-based Play, the Group’s EBITDA rose by 17% and operating cash flow edged up by a modest €22 million, with the increase in capex in France offsetting a large portion of the decrease in ltaly’s operating losses.
In France, growth picked up pace in the second quarter, coming in at 5.0%, with a rise in revenues for the Fixed business – led by the commercial and financial success.
