Salt owner promises long-term commitment in Switzerland
Published: Sunday, Oct 13th 2024, 10:50
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The French owner of Swiss telecoms provider Salt has confirmed his long-term commitment to Switzerland in an interview. "I buy companies to keep them," the 57-year-old investor and billionaire Xavier Niel told the NZZ am Sonntag newspaper.
"If you are active as a telecoms provider, it is an investment for life. Because no matter what technologies mankind develops in the coming decades: Network providers will always be needed," said Niel.
Salt feels very comfortable as a "challenger" in the Swiss environment. "Why should we leave there?" Salt is the third-largest mobile provider in Switzerland and most recently had 1.76 million mobile subscription customers. It continued to grow in the first half of 2024.
Regarding the competitor Swisscom, which is majority state-owned, Niel said: "Swisscom is in a very comfortable position, it has a huge market share. That's why it needs aggressive competitors like us."
The Swiss are less price-sensitive than other telecoms customers, said Niel. "The Swiss love their country, understandably. If the word 'Swiss' is in there somewhere, that company automatically has an advantage." Whether it's an airline or a telecoms provider. "Perhaps we also need a name like that in Switzerland that has something to do with 'Swiss'."
Niel had to give in in Italy. There, Vodafone went to Swisscom for 8 billion euros. "Sometimes you win, sometimes you lose, that's part of the game. I've lost so many times in my career, sometimes I feel like I'm the biggest loser in the world. But that doesn't matter. Now Vodafone goes to Fastweb and we have one less competitor."
Salt is owned by Niel's company NJJ Capital. The son-in-law of luxury goods entrepreneur Bernard Arnault bought the former Orange Communications from financial investor Apax for CHF 2.8 billion in 2014 and later renamed it Salt.
©Keystone/SDA
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