Deals Counterparts

Iliad

company 1 Deal 4 Partners

Paris-based telecommunications company operating across France, Italy, the UK, and Norway with over 20 million mobile customers. Owns and operates mobile and fixed broadband networks, focusing on disruptive pricing and infrastructure-led expansion in digital infrastructure markets.

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Founded 1990 5,000 employees
Telecommunications CompanyDeveloperOperator

Strategic Overview

  • Focuses on infrastructure-led disruption in mature telecom markets through aggressive fiber and 5G deployment.
  • Prefers full ownership or majority control in acquired telecom operations to maintain strategic autonomy.
  • Expansion strategy centers on acquiring underperforming national operators and integrating them with low-cost models.

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Investment Focus

Technologies
Other1
Geography
France1

Key People

Xavier Niel
Founder and Chairman
Thomas Reynaud
Chief Executive Officer

Track Record

5
Deals Completed
34
Years Active
Notable projects: Launch of Free Mobile in France, Acquisition of Wind Tre in Italy, Integration of Telenor Norway

Detailed Analysis

Sectors
Digital/Telecom
Geographies
France (3 deals)Italy (1 deal)UK (1 deal)Norway (1 deal)
Deal Stage
BrownfieldOperating
Deal Structure
AcquisitionMerger

Subsidiaries

Free SASIliad UK Limited (formerly Cable & Wireless Communications)Wind Tre S.p.A.Telenor Norway (acquired in 2023)

Portfolio Companies

Wind Tre S.p.A. — Digital/TelecomIliad UK Limited — Digital/TelecomTelenor Norway — Digital/Telecom

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