Apax buys Orange’s Swiss unit for $2.14bn

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Private equity company wins Orange Switzerland in $2.14bn deal with France Telecom Orange

France Telecom Orange has agreed to sell its Swiss mobile unit Orange Switzerland to private equity investment firm Apax Partners for 2 billion Swiss francs ($2.14 billion).
The deal, subject to approval by Swiss authorities, will be presented to the board of directors of France Telecom for approval during the week starting January 9 2012. Switzerland’s competition regulator blocked an earlier attempt to merge the unit with TDC’s rival operator Sunshine. TDC eventually sold Sunshine to another private equity company.
The sale is part of France Telecom’s strategy to offload some European assets and concentrate on the emerging telecoms sector in Africa and the Middle East.
France Telecom’s European operations will continue in France, Spain, the UK — where it has a joint venture with Deutsche Telekom — and Poland. GTB

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