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Friday, August 01, 2014
French Carrier Iliad To Bid For T-Mobile

Following press speculation, French mobile operator Iliad confirmed its interest in T-Mobile US.

T-Mobile US has successfully established a disruptive position, which in many ways, is similar to the one Iliad has built in France.

Iliad said it had submitted to the Board of Directors of T- Mobile US an indicative offer for T-Mobile US. The offer was unanimously approved by Iliad’s Board of Directors.

Iliad has offered $15 billion in cash for 56.6% of T-Mobile US, at $33.0 per share. The French company values the remaining 43.4% of T-Mobile US at $40.5 per share on the basis of $10 billion of synergies to the benefit of the T-Mobile US shareholders. This leads to an overall value of $36.2 per share, a premium of 42% over T-Mobile US’s unaffected share price of $25.

Iliad said it will raise the cash through debt and equity and has the support of international banks to raise the debt.

Sprint, the third-largest U.S. carrier, has been also preparing a bid for T-Mobile for months, according to reports. Such an offer would probably face a cold reception by U.S. regulators because it would reduce the U.S. mobile market from four to three major competitors.

Iliad is a wired and wireless operator known in France for aggressive pricing and innovative plans.

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