Iliad offered more than €11 billion for the Italian subsidiary of Vodafone-source | Photo credits: Vodafone
PARIS, Feb 9 (Reuters) – Iliad has offered more than 11 billion euros to Vodafone to buy its Italian activities, we learned on Wednesday from a source familiar with the matter, confirming information from the Financial Times.
Already present in Italy, the telecoms group controlled by businessman Xavier Niel and owner of Free in France confirmed on Tuesday that it had submitted an offer to take over 100% of the capital of Vodafone Italia.
This offer represents a valuation of around seven times the gross operating surplus (Ebitda), said the source, according to which Iliad has teamed up with an investment fund and secured financing from a major European bank.
Vodafone’s board has received the offer but has yet to respond, the source said.
Iliad and Vodafone did not immediately respond to Reuters requests for comment on the information. (Mathieu Rosemain, with Aby Jose Koilparambil in Bangalore, written by Marc Angrand and Bertrand Boucey)