NJJ-Led Telecoms Consortium Agrees to Acquire eir for Approximately €3.5 Billion

December 20, 2017

Willkie’s London office represents Davidson Kempner Capital Management LP, which is part of the investor group that currently owns eir, the largest integrated telecommunications provider in Ireland.

On December 20, it was announced that a consortium led by NJJ Telecom Europe has agreed, alongside Iliad SA, to acquire a majority of eir, the largest integrated telecommunications provider in Ireland, for an enterprise value of approximately €3.5 billion. eir is currently owned by an investor group including Willkie client Davidson Kempner Capital Management LP and Anchorage Capital Group, L.L.C, GIC and management.

NJJ Telecom Europe is part of NJJ Group, the private investment firm of telecoms investor and operator Xavier Niel. Iliad SA is a fully integrated operator in France with nearly 20 million subscribers,

The transaction, which is expected to close in the first half of 2018, will bring substantial investment to deliver enhanced services for eir’s customers. NJJ will own 32.9 percent of eir, Iliad will own 31.6 percent, and shareholders Anchorage Capital Group and Davidson Kempner will retain a combined 35.5 percent share in the company, respectively 26.6 percent and 8.9 percent.

eir is the principal provider of fixed line telecommunications and is the third largest mobile operator in Ireland. The company is currently constructing Ireland’s largest fiber broadband network that will reach 1.9 million homes and businesses by the end of 2018.

The Willkie deal team was led by partner Claire McDaid and included partner Graham Lane, UK partner Mark Fine and associates Phil Coletto, Gerry Kelly, Iben Madsen, Alexander Roy, Stephen Kennedy and Aymen Mahmoud.