FT agrees with Apax for Orange Suisse takeover
Pascele Paoli-Lebailly ©RapidTVNews | 04-01-2012 France Telecom-Orange has reached an agreement with Apax Partners to sell its 100% stake in Swiss mobile subsidiary Orange Communication to investment funds advised by Apax Partners.
The parties agreed on the so-called Orange Suisse’s enterprise value of CHF2.0 billion (€1.6 billion), which is 6.5 times Orange Switzerland’s estimated 2011 EBITDA.
The transaction is subject to the approval of the Swiss authorities and will be submitted to the Board of Directors of France Telecom for approval during the week commencing on 9 January 2012.
Established in 1999, Orange Switzerland has become one of the leading mobile operators in Switzerland. The company posted revenue €1.1 billion in 2010 and had a customer base of 1.6 million at the end of September 2011, employing approximately 1,200 people.