Copying and distributing are prohibited without permission of the publisher
Everything Everywhere owners to keep stake
22 June 2012
France Telecom and Deutsche Telekom say they are happy with UK joint venture and have enough cash to invest
France Telecom and Deutsche Telekom, the owners of UK operator Everything Everywhere, do not wish to sell their stakes in the joint venture, reported Reuters, quoting Stéphane Richard, CEO of France Telecom-Orange.
Richard told journalists that the partners have sufficient funds to invest in the venture. He said “We are happy with the joint venture. The Germans are also happy to be there. They do not wish to sell. We do not wish to sell either. If we receive an offer that makes sense, of course we will look at it. But that does not mean we will accept it.”
Reuters, citing investment banking sources, had reported last week that Tom Alexander, former Everything Everywhere chief executive, was planning a private equity-backed bid for the company, the largest mobile network operator in the UK.
Alexander was said to be in talks with Apax, KKR, CVC and Providence to support the bid, which could have exceeded €8 billion. However, investors showed little interest due to the difficult funding conditions prevailing in t he market, added Reuters. GTB
More from GTB
Ex-CEO plans Everything Everywhere bid 19 Jun 2012
Deutsche Telekom denies sell-off plan 25 May 2012
Deutsche Telekom looks at Dutch and UK sale 18 Apr 2012
Everything Everywhere to start spectrum sale 10 Apr 2012