TDC and France Telecom have signed a final agreement for the merger of their respective Swiss subsidiaries Sunrise and Orange.
The operators announced on April 9 that due diligence was complete and all necessary documents had been signed.
The transaction…
TDC and France Telecom have signed a final agreement for the merger of their respective Swiss subsidiaries Sunrise and Orange.
The operators announced on April 9 that due diligence was complete and all necessary documents had been signed.
The transaction is consistent with the terms announced on November 25 2009 and will see France Telecom pay at closing a net amount of E1.5bn to TDC for a 75% stake in the combined entity, while TDC will hold the remaining 25%.
The deal is expected to be officially closed during this quarter once the Swiss competition authority approves the deal.
Gervais Pellissier, France Telecom Deputy CEO and CFO said: “Iwish to underline the excellent cooperation between the TDC and France Telecom teams, which has enabled us to conclude this agreement. This merger confirms the long term commitment of France Telecom to the Swiss market to offer its clients high quality and more innovative services.”
France Telecom was advised by Perella Weinberg and Lazard.
TDC was advised by UBS and Morgan Stanley.
