Private equity firm takes over ONE

21 Jun 2007

Incumbent Norwegian telco Telenor has said that it has sold its 17.5% stake in Austrian cellco ONE to a consortium comprising France Télécom (FT) and Mid Europa Partners, a Budapest-based private equity firm. Earlier this month Austrian utilities firm E.ON announced that it had agreed to sell its 50.1% stake in the telco to the same consortium, and Danish incumbent TDC has also decided to divest its 15% share. The total consideration to be paid by the consortium is EUR1.4 billion, including debts, and the deals are expected to be completed by the end of June. FT already had a 17.45% stake in ONE; FT will take a 35% stake in the cellco, while Mid Europa Partners will have a 65% controlling stake. According to TeleGeography’s GlobalComms database, ONE, formerly known as Connect Austria, ended the first quarter of 2007 with around 1.85 million subscribers.

Austria, Orange Austria, Orange Group, Telenor Group