Free owner Niel to buy Orange Switzerland for CHF 2.8 bln

News Wireless Switzerland 18 DEC 2014
Free owner Niel to buy Orange Switzerland for CHF 2.8 bln
The private equity funds Apax Partners announced an agreement to sell Orange Switzerland to NJJ Capital for CHF 2.8 billion (EUR 2.3 billion). NJJ Capital is the holding company of Xavier Niel, the founder and controlling shareholder of French operator Free. The transaction is subject to customary regulatory approval and is expected to be completed by the end of Q1 2015. 

Apax said it expects to generate a strong return on the investment, acquired in 2012 from French group Orange for CHF 2.0 billion. Over the last three years, it has successfully modernised the mobile operator's IT systems, launched 4G commercial services, now reaching over 90 percent of the Swiss population, and expanded the retail network with eight store openings this year, including a flagship store in Zurich. 

Orange is the third-largest mobile operator on the Swiss market, after Swisscom and Sunrise. At the end of September it counted around 2.1 million customers. 

Categories:

Mobile

Companies:

Salt Mobile,  Free,  Apax

Countries:

Switzerland

Tags:

M&A buyouts & divestments

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