France Telecom (FT) today announced that it has agreed to sell its Dutch mobile and internet operation, Orange Netherlands, to Deutsche Telekom (DT) for a total consideration of EUR1.33 billion (USD1.88 billion) on an enterprise value basis. The proceeds will be payable in cash upon closing of the transaction. In a statement, the French firm said the deal had been approved by the FT Board of Directors upon receiving positive support from the Workers Council of Orange Nederland. The deal could be completed as early as 1 October 2007.
The sale of the Dutch assets is part of a wide reshuffling of assets by FT which, like some other European telecoms operators, is looking to consolidate its market position in key areas and free up resources to fund acquisitions in emerging markets.