As rumored, France Telecom (FTE) agrees to sell mobile-phone unit Orange Switzerland to P-E firm Apax Partners, though the sale price of €1.6B ($2.1B) is somewhat lower than had been expected. Swiss officials needs to sign off on the deal.France Telecom SA (FTE) agreed to sell its Orange Switzerland mobile-phone unit to buyout firm Apax Partners LLP for 1.6 billion euros ($2.1 billion), the first major step in Chief Executive Officer Stephane Richard’s plan to unload slow-growing European operations.
The deal, which is subject to approval by Swiss authorities, will be submitted to France Telecom’s board in the week starting Jan. 9, the company said in a statement today. London-based Apax beat rivals including EQT Partners AB, Providence Equity Partners Inc. and French telecommunications billionaire Xavier Niel, people with knowledge of the transaction said yesterday.
The deal, which is subject to approval by Swiss authorities, will be submitted to France Telecom’s board in the week starting Jan. 9, the company said in a statement today. London-based Apax beat rivals including EQT Partners AB, Providence Equity Partners Inc. and French telecommunications billionaire Xavier Niel, people with knowledge of the transaction said yesterday.
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