PARIS (Reuters) – Bouygues retreats on the Paris Stock Exchange on Friday morning, after the announcement on Thursday by its subsidiary Bouygues Telecom of an exclusivity agreement with La Poste to buy La Poste Telecom for 950 million euros.
At 08:25 GMT, Bouygues lost 1.26%, one of the worst performances on the CAC 40 which increased at the same time by 0.12%.
La Poste Telecom is 51% owned by the La Poste group and 49% by SFR.
The acquisition price of the shares has been set at 950 million euros and will be adjusted according to the completion timetable of the operation, Bouygues Telecom said in a press release.
“No additional investment would be necessary for the network part. Bouygues Telecom nevertheless anticipates integration costs in 2025 and 2026 to prepare for the customer migration operation,” adds the group, which specifies that the operation would add around 140 million of Ebitda after rent per year from 2028.
The group has also concluded an exclusive distribution agreement bringing together the La Poste group, La Banque Postale and La Poste Telecom.
JP Morgan analysts note that the acquisition price is high, but cite “the advantages of the distribution agreement, a broader customer base, business-to-business opportunities linked to La Poste’s distribution network and the absence of impact on Bouygues’ capex”.
Across the Bouygues group, the acquisition could increase EBITDA by 2%, analysts calculate.
The broker maintains its price target of 49 euros and its recommendation of “overweight”.
(Written by Corentin Chappron, edited by Blandine Hénault)
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