Belgium's Proximus climbs as billionaire Niel buys stake
14/11/2023 10:58
Nov 14 (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.
(Reporting by Victor Goury-Laffont
Editing by Mark Potter)
((Victor.Goury-Laffont@thomsonreuters.com;))