NJJ-Led Telecoms Consortium’s €3.5 Billion Acquisition of eir

NJJ and Iliad were advised by Lazard Frères, Paul Hastings LLP, A&L Goodbody, Goodwin Procter and KPMG. In addition, Iliad was advised by Société Générale and Bredin Prat; the independent members of the Board of Directors also received independent advice on the transaction. Anchorage Capital, Davidson Kempner and GIC were advised by Liontree Advisors and White & Case LLP, with Davidson Kempner and GIC also being advised by Wilkie Farr & Gallagher (UK) LLP and Clifford Chance LLP respectively. eir was advised by Arthur Cox.

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.

Paul Hastings LLP advised the consortium led by NJJ Telecom Europe with Garrett Hayes, David Prowse, Sam Waite (M&A), Arun Birla, Hannah Gray (Tax), Luke McDougall, Peter Schwartz (Banking & Finance), Pierre Kirch (Antitrust).

A&L Goodbody with a team led by partner Charlie Carroll, were Irish counsel to NJJ.

White & Case advised Anchorage with Jarlath McGurran (Picture), Michael Mountain and Sanni Nissila.

Willkie advised Davidson Kempner Capital Management LP with Claire McDaid, Graham Lane, Mark Fine, Phil Coletto, Gerry Kelly, Iben Madsen, Alexander Roy, Stephen Kennedy and Aymen Mahmoud.

 

Involved fees earner: Charlie Carroll – A&L Goodbody; Claire McDaid – Willkie Farr & Gallagher; Philip Coletto – Willkie Farr & Gallagher; Gerard Kelly – Willkie Farr & Gallagher; Graham Lane – Willkie Farr & Gallagher; Iben Madsen – Willkie Farr & Gallagher; Mark Fine – Willkie Farr & Gallagher; Aymen Mahmoud – Willkie Farr & Gallagher; Jarlath McGurran – White & Case; Michael Mountain – White & Case; Sanni Nissila – White & Case; Garrett Hayes – Paul Hastings; David Prowse – Paul Hastings; Sam Waite – Paul Hastings; Arun Birla – Paul Hastings; Hannah Gray – Paul Hastings; Luke McDougall – Paul Hastings; Peter Schwartz – Paul Hastings; Pierre Kirch – Paul Hastings;

Law Firms: A&L Goodbody; Willkie Farr & Gallagher; White & Case; Paul Hastings;

Clients: NJJ Capital; Anchorage Capital Partners; Davidson Kempner Capital Management;

 

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