Business Irish

Wednesday 15 August 2018

French billionaire's deal for majority eir stake has been completed

Louise Kelly

Louise Kelly

The consortium led by French billionaire Xavier Niel has completed its deal to purchase a majority stake in eir.

According to the telecoms company, NJJ Telecom, which is part of NJJ Group, has finalised its acquisition.

It was first announced last December that the two French firms, NJJ and Iliad, would be buying a combined 65pc of Eir in a €650m deal.

NJJ is Mr Niel's investment vehicle, and will now own 32.9pc of eir while stock market-listed telecoms firm Iliad will own 31.6pc.

French telecoms billionaire Xavier Niel Photo: Marlene Awaad/Bloomberg
French telecoms billionaire Xavier Niel Photo: Marlene Awaad/Bloomberg

Iliad was founded by Mr Niel who also owns 52pc of the firm.

Eir also announced a new board of directors, CEO and CFO who will work with a new senior management team. 

With An Post CEO David McRedmond as chairman, the new board of directors for eir’s operating company in Ireland, Eircom Holdings Ireland Ltd includes Paddy Browne, Rose Hynes, Richard Moat, Pádraig Ó Ríordáin, Fiona Tierney, Michael Golan, Xavier Niel and Olivier Rosenfeld.

CEO Carolan Lennon, who succeeds Richard Moat in the role, said she is "looking forward to managing eir into the next phase of its development".

"I will work with a new senior management team, all of whom have been appointed from within eir and who have substantial industry knowledge and market experience," she said.

Senior finance executive Stephen Tighe has been appointed chief financial officer. He has been Finance Director for eir’s Consumer division, the largest within the Group, since October 2013 and interim Chief Commercial Officer since July 2017.

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