Bouygues Telecom has agreed exclusive terms with Credit Mutuel to acquire MVNO Euro-Information Telecom (EIT), which operates in France under several consumer-facing brands (Auchan Telecom, Cdiscount Mobile, CIC Mobile, Credit Mutuel Mobile and NRJ Mobile). Alongside this deal, Bouygues Telecom has also signed a distribution partnership covering 4,200 branches of Credit Mutuel’s banking group, including subsidiary CIC.
The acquisition price for 100 percent of EIT’s capital will be made up of EUR 530 million payable at the closing of the transaction, and an additional sum amounting to EUR 140-325 million, dependent on the achievement of specific business performance targets over several years. The deal is subject to the necessary authorisations, particularly from the French competition authority, and could be completed by the end of 2020.
Before the announcement of the sale, Credit Mutuel raised its holding in EIT to 100 percent, after acquiring the remaining 5 percent of the capital from its partner NRJ Group. The latter said that it sold its minority stake for EUR 50 million, adding that it has also signed with EIT an extension to its licensing agreement for the NRJ Mobile brand to end-2025.
EIT is one of the largest MVNOs in France and, since 2018, has expanded its offering as a reseller of fixed broadband triple-play services. Its customer base passed the 2 million mark in December 2019.
