France Telecom sells Orange Switzerland for CHF 2.0 bln

France Telecom reached an agreement to sell its unit Orange Switzerland to private equity firm Apax Partners for CHF 2.0 billion. The sale price is equal to 6.5 times the Swiss company's estimated EBITDA this year. The transaction still requires approval from the France Telecom board and regulators in Switzerland. The sale is part of France Telecom's strategy to sell underperforming or non-core assets. The company last year tried to merge the Swiss subsidiary with rival Sunrise, but the merger was blocked by Swiss competition authorities. Orange Switzerland had revenue of CHF 1.3 billion in 2010, a customer base of 1.6 million at the end of September 2011, and employs approximately 1,200 people.