French telecommunications group Iliad said it has become the leading shareholder in Italian consumer electronics and household appliances chain Unieuro after acquiring a 12 percent stake for an undisclosed sum. In a short statement issued by the operator’s Italian subsidiary, the company said the aim is to accompany Unieuro on the path of growth and innovation. “We appreciate the Unieuro team and share fundamental values with them: a constant desire to innovate, a strong entrepreneurial spirit and a real attention to the quality of the relationship with users and consumers,” said Iliad Italia CEO Benedetto Levi.
The companies have been collaborating on the sale of Iliad SIM cards for the past two years, with around 200 of Iliad’s 500 ‘Simbox’ distribution machines located at Unieuro points of sale. According to a Reuters report, Unieuro’s stock has more than tripled in value since the coronavirus pandemic broke out a year ago, with sources indicating that Iliad invested around EUR 40-50 million to acquire the retailer’s shares.
