FT revises Switzerland sale estimate

6 Oct 2011

France Telecom (FT) expects that its Swiss unit, Orange Switzerland could sell for as much as EUR2 billion (USD2.66 billion). The French Telecom giant’s chief financial officer, Gervais Pellissier, made the announcement earlier this week, saying that the sale of the embattled cellco could raise between EUR1.5 billion and EUR2 billion. Earlier estimates from bankers had placed the value of the sale at around EUR1.5 billion. FT aims to have found a buyer by the end of the year and hopes to close the deal by the end of the first quarter of 2012.

As previously reported by CommsUpdate, the majority of interested parties are private equity firms such as Apax Partners and Providence Equity Partners, although Egypt’s Naguib Sawiris is also said to be considering entering a bid.

Switzerland, Salt (Switzerland)