Iliad Offers To Spend 1.4 Billion Euros In Shares Buyback Programme

French telecoms group Iliad , which lost market share in recent months, said on Tuesday that it would spend up to 1.4 billion euros ($1.54 billion) to buy back shares.

The share buyback programme will be carried out at the price of 120 euros per share, reflecting a premium of 38% on the basis of the weighted average price over the three previous months.

The offer will concern about 11.7 million shares, or 19.7% of the group’s capital, which is majority-owned by founder Xavier Niel.

The share buyback programme will be funded by a capital increase of the same amount, at 120 euros a share, and will be guaranteed by Niel, Iliad said.―Reuters