France Telecom is reportedly seeking to secure a pre-arranged financing package for the sale of its Swiss unit Orange Switzerland.
The group has asked banks including Credit Suisse to prepare the staple financing to help make a deal easier for buyers,…
France Telecom is reportedly seeking to secure a pre-arranged financing package for the sale of its Swiss unit Orange Switzerland.
The group has asked banks including Credit Suisse to prepare the staple financing to help make a deal easier for buyers, reported Reuters citing sources.
FT and Credit Suisse were unable to comment on the speculation.
Orange Switzerland’s sale reportedly kicked off yesterday.
PE firms Providence, Apax, Carlyle and Bain Capital are among the potential investors. Reports suggest US media giant Liberty Global and Egyptian tycoon Naguib Sawiris are also in the running for the firm.
Gervais Pellissier, CFO of Orange parent France Telecom, was quoted in early October saying that the group expected to secure a buyer before the end of the year.
“We expect from the sale of [Orange] Switzerland between E1.5bn and E2bn, so that’s quite a big sale,” said Pellissier.
PE firm CVC, which owns Swiss mobile oeprator Sunrise, reportedly did not receive an information memorandum sent out earlier to interested parties.
FT announced plans to sell Orange Switzerland on 28 July as part of a review of European assets. Lazard and Perella Weinberg Partners are advising on the Swiss sale.
