Paris/London - Paul Hastings LLP, a leading global firm, announced that it has advised the holding company NJJ Capital, owned by French businessman Xavier Niel, on its acquisition of a majority stake in Monaco Telecom. NJJ Capital acquired 55% of Monaco Telecom from Britain’s Cable & Wireless Communications, with the remaining parts of the Monegasque operator being held by the Principality of Monaco. The amount of the transaction is approximately €322 million.
Monaco Telecom is the main telecommunications provider in the Principality. With 31,000 subscribers for mobile, 34,000 for fixed lines, 16,000 for internet and 12,000 for the TV, the operator achieved a turnover of €194 million during the fiscal year 2012-2013, with a net profit of €32 million. It employs nearly 300 people.
The Paul Hastings team included corporate partners Pascal de Moidrey and Edith Boucaya in Paris and Garrett Hayes in London, with partner Allard de Waal and associate Laurent Ragot on tax issues.