Niel's deal for Eir stake now complete

09 Apr 2018

Eir said today that the deal to buy a majority stake in the telecoms company by a consortium led by French billionaire Xavier Niel is now complete.
 
NJJ Telecom is part of NJJ Group, the private investment firm of telecoms investor and operator Xavier Niel.
 
The deal was first announced last December.
 
The appointment of a new board of directors, chief executive officer Carolan Lennon and chief financial officer Stephen Tighe have also been announced by the company.
 
CEO Carolan Lennon CEO said that she will work with Eir's new senior management team, all of whom have been appointed from within Eir and who have substantial industry knowledge and market experience.
 
"The new management team reflects the importance of talent development and embraces gender diversity, themes that are extremely important to me," she added.
 
The composition of the new board of directors for Eir's operating company in Ireland, Eircom Holdings Ireland Limited, are David McRedmond (Chairman), Paddy Browne, Rose Hynes, former CEO Richard Moat, Pádraig Ó Ríordáin, Fiona Tierney, Michael Golan, Xavier Niel and Olivier Rosenfeld.
 
David McRedmond said the company will benefit greatly from having a "high calibre board of directors with strong Irish roots, a deep understanding of the Irish rural and urban landscape, specific knowledge of the company and extensive telecommunications expertise".
 
Under the terms of the deal, NJJ now owns 32.9% of Eir, while Iliad owns 31.6%. Xavier Niel owns 52% of Iliad, which said the Eir deal would boost its earnings and geographic scope.
 
The company also said it had a call option that would enable it to take full control of Eir in 2024.
 
Eir shareholders Anchorage Capital Group and Davidson Kempner have retained a combined 35.5% share in the company, respectively 26.6% and 8.9%. GIC sold its shareholding.