Orange sets deadline of mid-November for Dominican unit sale

5 Nov 2013

Paris-based telecoms giant Orange Group has reportedly set a deadline of mid-November 2013 for interested parties to submit bids for its wholly-owned subsidiary Orange Dominicana, the Wall Street Journal reports. According to the article, the company is looking to bag around EUR1 billion (USD1.35 billion) from the sale of its Caribbean unit by the end of the year. The list of potential suitors reportedly includes Millicom International Cellular (MIC), Jamaica’s Digicel Group, Cable & Wireless Communications (CWC) as well as a number of private equity companies based in the United States and Latin America.

As previously reported by TeleGeography’s CommsUpdate, Orange Group is keen to sell its Dominican unit in an attempt to moderate its debt. Sources familiar with the matter stated that Orange started speaking to potential advisers in June 2013, with Morgan Stanley and Bank of America Merill Lynch reportedly appointed as consultants a month later.