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Eir’s main shareholders are set to sell a 64.5 per cent stake in the phone group for about €1 billion to two companies controlled by French telecoms billionaire Xavier Niel, according to sources.
The deal will also see Eir’s chief executive of three years, Richard Moat, exiting the company with a possible multimillion-euro windfall.
The Irish Times first reported in September that Mr Niel, who founded France’s first internet services provider in 1993 before selling it for the equivalent of €58 million on the eve of the bursting of the dotcom bubble in 2000, was circling Eir, using an investment vehicle called NJJ Capital.
Eir confirmed on Wednesday that Mr Niel will use NJJ and Paris-listed telecoms company Iliad, in which the entrepreneur owns a 52 per cent stake, to acquire the Eir stake, subject to regulatory approvals. The transaction would place an equity value on the group of about €1.5 billion and enterprise value, including debt, of €3.8 billion, according to sources.
Read more here (Irish Times 20th December 2017)
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