Apax Partners has reportedly hired six banks to help it organise a leveraged financing package valued at more than SFr1bn (US$1.1bn) for its agreed purchase of France Telecom’s Orange Switzerland.
According to Bloomberg, the UK-based private…
Apax Partners has reportedly hired six banks to help it organise a leveraged financing package valued at more than SFr1bn (US$1.1bn) for its agreed purchase of France Telecom’s Orange Switzerland.
According to Bloomberg, the UK-based private equity firm has appointed Citigroup, Credit Suisse, Deutsche Bank, JP Morgan Chase & Co, Morgan Stanley and UBS to arrange the funding. The news service cited two unnamed sources as saying it will consist of both loans and bonds.
While Apax has declined to comment on the matter, earlier reports suggest FT sought to secure staple financing for the deal to sweeten it for prospective buyers. Credit Suisse is one of the banks from which FT reportedly sought assistance.
FT announced on 23 December last year that it had agreed to sell Orange Switzerland to Apax for €1.6bn (US$2.14bn). As previously reported, the agreement values the Swiss operator at six-and-a-half times its 2011 EBITDA.
In its December statement, FT said the deal would be submitted to the company board this week and it is also subject to approval from Swiss antitrust authorities.
