Mergers and Acquistions News
Categories: Telecoms
December 4th 2009, 17:02PM
France Telecom and Danish telecoms firm TDC have agreed to merge their Swiss subsidiaries, Orange Communication and Sunrise Communications respectively, creating a new provider of telecoms services in Switzerland.
At the close of the deal, France Telecom will pay a net amount of €1.5 billion (£1.3 billion) to TDC and become a 75 per cent shareholder in the combined entity, with TDC holding the remaining 25 per cent.
It is believed that following the merger, the new company will have approximately 3.4 million mobile and 1.1 fixed and broadband customers, accounting for some 38 per cent of the company's mobile telephony market.
"Following the UK joint venture between Orange and T-Mobile, France Telecom completes another major in-market consolidation, consistent with its M&A policy," commented Gervais Pellissier, deputy chief executive officer of France Telecom.
The planned merger between Orange and T-Mobile, which would create a group with a 39 per cent revenue share in the UK, is currently awaiting approval from regulators.
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