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Iliad Ends Pursuit of T-Mobile US

PARIS -- The Iliad Group announces that it puts an end to its project of acquiring T-Mobile US, following exchanges with Deutsche Telekom and selected board members of T-Mobile US who have refused to entertain its new offer.

At the end of July 2014, Iliad confirmed its interest in the US market and that it had submitted to the T-Mobile US board of directors an indicative offer to purchase a 56.6% stake in the company. This offer was rejected by the T-Mobile US board despite the significant premium offered.

Following this offer rejection, Iliad put in place a consortium with two leading private equity funds and Tier-1 international banks allowing it to improve significantly the terms of its offer by enhancing the cash amount and increasing the share of T-Mobile US' capital to be acquired from 56.6% to 67%.

This new offer, at about USD 36 per share (cash + share of value creation), would have fitted into Iliad Group's strict financial policy in terms of indebtedness and dilution.

Iliad had the ambition to accelerate T-Mobile US' transformation, notably by saving more than USD 2 billion of cost annually. This transaction would have created significant value for both Iliad's and T-Mobile US' shareholders.

The Iliad Group will continue its profitable growth policy as it has been conducted over the last 15 years in the interest of its subscribers, employees and shareholders.

Iliad (Euronext: ILD)
T-Mobile US Inc.

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