Xavier Niel, the founder and main shareholder in French telecoms group Iliad (Free), is reportedly selling around 700,000 Iliad shares, equivalent to approximately 1.3% of the group’s capital. Reuters cites a company statement which says the sale process will be conducted via an ‘accelerated book-building’ designed to strengthen Iliad’s free float. Upon completion of the sale, Niel will remain the group’s single largest shareholder, with 62.7% of the company’s share capital. He will however, be subject to a 180 days lock-up on his residual stake from the agreed date and delivery of the deal. It is understood Societe Generale Corporate & Investment Banking is acting as sole book-runner on the sale.