France Telecom (FT) will sell 100% of its Swiss operation, Orange Switzerland, to private equity firm Apax Partners for around CHF2 billion (USD2.13 billion), according to a press release from Apax, dated 23 December. Apax’s offer beat bids from fellow equity firms Providence Equity Partners and EQT Partners as well as Xavier Niel, founder of French telco Iliad. The deal is dependent on approval from Swiss competition authorities.*Gabriele Cipparrone, a partner at Apax Partners, commented on the agreement: ‘We have been following this asset closely over the past two years and are delighted to have secured this attractive investment opportunity.’
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OVETEL Apax to buy Orange Switzerland for CHF2 billion
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