June 26, 2020 / 6:11 AM / 9 days ago

Bouygues Telecom to buy out Euro-Information Telecom, form deal with Credit Mutuel

PARIS, June 26 (Reuters) - Bouygues Telecom will buy out subsidiary Euro-Information Telecom (EIT) and strike a partnership deal with financial group Credit Mutuel to strengthen its presence in the competitive domestic market, the parent firm said on Friday.

Bouygues Telecom said the deals were expected to bolster its customer base by more than 2 million and expand its distribution network via the tie-up with Credit Mutuel.

It said the acquisition price for Euro-Information Telecom comprised a fixed portion of 530 million euros ($594.6 million), to be paid on the closing of the deal, and a further amount between 140 million and 325 million euros, contingent on the unit’s future performance. ($1=0.8913 euros) (Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)

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