Iliad Soars 62% After Buyout Offer From Billionaire Niel (2)

July 30, 2021, 11:39 AM

French billionaire Xavier Niel is joining rival Patrick Drahi in taking his phone company private after customer losses and heavy spending sent its shares into a steady decline.

Iliad SA shares jumped as much as 62% to Niel’s offer price of 182 euros. The deal values Iliad at about 10.85 billion euros ($12.9 billion), according to Bloomberg calculations.

Xavier Niel
Photographer: Eric Piermont/AFP/Getty Images

Iliad shook up the French market more than two decades ago with its low-cost cable TV and Internet services. Lately the industry’s focus has shifted to combined fiber broadband, mobile and TV, forcing Iliad to redouble its network investment.

“Telecoms ...

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