Atlas Investissement, the investment vehicle of Xavier Niel, fwaver of Iliad, announced that it has acquired a stake of approximately 2,5% at Vodafone for an amount equal to 750 million pounds.
Through a note, Atlas explains that Vodafone represents "an interesting investment opportunity, due to the quality of the business portfolio and the solid underlying trends in the global telecommunications sector". The vehicle also said it would support the intention of Vodafoneand to pursue consolidation opportunities as well as infrastructure unbundling efforts.
All of Niel's business
Xavier Niel, who heads Atlas Investissement, has investments in the telecommunications sector in nine European countries with almost 50 million combined active subscribers and, recalls over 10 billion euros in revenues. The Iliad group, which he owns, is present in France, Italy and Poland.
Last January, Iliad and Vodafone They had entered talks to reach an agreement that would have combined their respective businesses in Italy, but the British group has since rejected the expression of interest for the acquisition of 100% of Vodafone Italy advanced by Iliad and Apax Partners. Vodafone believed that Iliad's proposed takeover, which was worth around €11,2 billion, was not in the "best interests of the shareholders".
This time Niel has decided to act through Atlas and not through Iliad, also specifying that "Atlas Investissement is"independent of both the Iliad Group and by Iliad Holding".
A 750 million pound deal, Vodafone stock on the rise
To buy 2,5% of Vodafone, Niel paid out £ 750 million. In fact, it should be considered that the current capitalization of the British group is around 30 billion pounds.
Following the announcement of the deal, on the London Stock Exchange, the Vodafone title earns 2,39% of its value at £108,92 per share.
