Iliad S.A.

Iliad S.A. is a French telecommunications holding company headquartered in Paris, founded by entrepreneur Xavier Niel, who built the group around the Free brand launched as a disruptive low-cost fixed-line internet and later mobile operator in the French market. Free's aggressive pricing after its 2012 mobile launch is widely credited with reshaping French mobile tariffs downward across the industry. Iliad has expanded internationally, acquiring and operating Iliad Italia (also under the Free brand) as a challenger mobile operator in Italy and taking a significant stake in Poland's Play, giving the group a multi-country European footprint built on the same low-cost, high-value competitive positioning that defined its French origins.