December 20, 2017 / 7:40 AM / in 2 months

French telecoms group Iliad to buy 31.6 pct stake in Irish peer eir

PARIS, Dec 20 (Reuters) - French telecoms group Iliad has agreed to buy a 31.6 percent minority stake in eir - Ireland’s main telecoms operator - for around 320 million euros ($379 million), in a deal which Iliad said would boost its earnings and geographic scope.

Iliad added it had a call option that would enable it to take full control of eir in 2024.

eir’s revenue for the year ended June 30, 2017 amounted to 1.3 billion euros, and its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) was 520 million euros.

“In the medium term through this investment, Iliad expects to generate a dividend stream and yield a double-digit return on equity,” Iliad said in a statement.

Société Générale and Bredin Prat acted as financial and legal advisors for Iliad.

$1 = 0.8448 euros Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon

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