December 20, 2017 / 8:08 AM / 6 months ago

France's Iliad, Xavier Niel to buy majority stake in Irish telecoms firm eir

DUBLIN, Dec 20 (Reuters) - French telecoms group Iliad and its founder, tycoon Xavier Niel, are to buy a majority stake in Ireland’s largest telecoms company, eir, the Irish firm said on Wednesday.

Under the deal Niel will own 32.9 percent of eir through his NJJ investment vehicle. Iliad, which is 52 percent owned by Niel, will own 31.6 percent of the Irish firm, the statement said.

Existing eir shareholders Anchorage Capital Group and Davidson Kepner will retain a combined 35.5 pct of eir.

The deal, which is due to complete in first half of 2018, implies an enterprise value of approximately 3.5 billion euros ($4.14 billion), the statement said.

Richard Moat, eir’s chief executive, has announced his intention to step down upon completion of the transaction. ($1 = 0.8445 euros) (Reporting by Conor Humphries, editing by Louise Heavens)

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