A consortium led by NJJ Group's NJJ Telecom Europe, together with Iliad, has agreed to acquire a majority stake in Irish telco eir for about €3.5 billion.
NJJ, which is the private investment firm of French investor Xavier Niel, will own 32.9% of the Irish operator, while Iliad will own 31.6%. Niel also owns a 52% stake in Iliad.
An investor group including Anchorage Capital Group LLC, Davidson Kempner Capital Management LP and GIC currently owns eir. Following the completion of the deal, shareholders Anchorage Capital and Davidson Kempner will retain a combined 35.5% share in the company, at 26.6% and 8.9%, respectively.
Iliad will have an option to acquire 80% of NJJ's stake in eir, which can be exercised in 2024.
The transaction is anticipated to close in the first half of 2018. Eir CEO Richard Moat intends to step down upon the completion of the deal.