Belgium's Proximus climbs as billionaire Niel buys stake
Reuters
Published Nov 14, 2023 11:09
(Reuters) - French tycoon Xavier Niel's Carraun holding announced on Tuesday the acquisition of a 6% stake in Proximus, sending the Belgian telecoms group's shares higher.
Proximus's stock was up more than 5% on the Brussels stock exchange at 1030 GMT.
"Carraun is making the investment in Proximus to get exposure to the Belgian leader in connectivity," the holding said in a statement.
Niel added he had "been attracted by the Belgian market for a long time with its strong economy and where a sound regulatory approach has led to a vibrant telecom sector".
The investor said he hoped to "create ties for the long-term" through Proximus, which is majority-owned by the Belgian government.
Niel's telecommunications interests already include owning Ireland's Eir via Carraun, as well as operations in France, Italy and Poland through his privately-owned group Iliad.
"Niel is a good breathe of fresh air to any telco," MorningStar analyst Javier Correonero said, describing "a maverick of the telco industry with a challenger mentality".
The French investor "might have seen an opportunity in Proximus as the shares seem to be overly penalized," he added.
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Written By: Reuters
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