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Free owner Niel takes majority stake in Monaco Telecom

French telecom entrepreneur and owner of Iliad Telecom/Free Xavier Niel has acquired a controlling stake in Monaco Telecom from Cable & Wireless Communications for €322 million. 

Niel used his NJJ Capital investment vehicle to take a 55% stake in the Monagesque operator, which will remain 45% owned by the Principality.

Monaco Telecom has about 31,000 subscribers, including 12,000 who take its TV service. It reported a net profit of €32 million on revenues of €194 million last year.

The operator also holds a 37% in Afghanistan’s main mobile operator and has a number of interests in Kosovo.

The acquisition is expected to close in May.