Orange is not looking to acquire more Spanish assets after completing its Jazztel acquisition, Orange CEO delegate Gervais Pellissier was quoted saying at a press conference.
The French telco plans to de-list Jazztel after merging it with its Spanish…
Orange is not looking to acquire more Spanish assets after completing its Jazztel acquisition, Orange CEO delegate Gervais Pellissier was quoted saying at a press conference.
The French telco plans to de-list Jazztel after merging it with its Spanish unit if more than 90% of Jazztel shareholders accept its offer. The offer acceptance deadline is 24 June.
If the threshold is not met, Jazztel will continue to trade as a listed company.
“If shareholders accept our offer we want to integrate these two companies and we have two months to do so … We’ll have to see if they can be listed jointly, but that [decision] could take months or years,” Pellissier was quoted saying.
Orange did not respond to a request for comment.
Yesterday, the Spanish market regulator CNMV green-lit Orange’s purchase of fixed-line player Jazztel for €3.4bn (US$3.7bn), or €13 (US$14.2) per share. This came a week after the European Commission approved the deal with conditions, including that the buyer sell a fibre network, largely composed of redundant connections between Orange and Jazztel’s existing networks.
The company expects to generate up to €1.3bn in global synergies from the combined entity thanks to savings in operational expenditure and investments in networks.
The operator also aims to deploy fibre to 10 million Spanish households by the end of 2016.
