Funds advised by Apax Partners to acquire Orange Switzerland
23 December 2011
London, UK,
December 23, 2011
Funds
advised by Apax Partners today announced that they have entered an
agreement to purchase 100 per cent of mobile phone operator Orange
Switzerland from France Telecom Orange for approximately CHF2
billion (€1.6 billion). The
transaction, which is subject to the approval of the Swiss
competition authorities, will be submitted to the Board of
Directors of France Telecom for approval during January
2012.
Orange
Switzerland is one of the leading mobile operators in Switzerland
with 1.6 million customers and the highest average revenue per user
("ARPU") in the market. In 2010 it reported revenues of CHF1.3
billion (€1.1billion).
The mobile
sector is a key investment area for the Apax Tech and Telecom team,
which has extensive experience of both evaluating opportunities and
adding value to companies in the sector through previous
investments in TDC, Bezeq, Tim Hellas and Weather
Investments. In addition, the team has specific knowledge of
the Swiss market gained through Sunrise, a competitor to Orange
Switzerland that Apax owned via its investment in TDC.
Gabriele
Cipparrone, Partner at Apax Partners, comments: "We have been
following this asset closely over the past two years and are
delighted to have secured this attractive investment
opportunity."
During 2011,
Apax has completed six buyouts with a cumulative value of €10.2bn
billion across the firm's five core sectors. This includes Kinetic
Concepts Inc., Trader Corporation, iGate, Golden Jaguar, Epicor
Software Corporation and Takko. In the same period, Apax has
returned capital to its investors by successfully exiting in whole
or in part investments in PVH (Tommy Hilfiger), Bankrate, Trader
Media Group, Capio AB and Versatel.
Advisers on
the transaction included Nomura and Rothschild (M&A), A D
Little and Oliver Wyman (Commercial), PWC (Accounting) and STB,
Baer & Karrer (Legal).
About Apax Partners
Apax
Partners is one of the world's leading private equity investment
groups. It operates across the United States, Europe and Asia
and has more than 30 years of investing experience. Funds
under the advice of Apax Partners total over $40 billion around the
world. These Funds provide long-term equity financing to
build and strengthen world-class companies. Apax Partners
Funds invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial
& Business Services.
For further
information about Apax, please visit: www.apax.com
Contacts:
Ben Harding
/ Georgiana Brunner
Apax Partners
Tel: +44 (0)20 7872 6401 / 6429
Email: communications@apax.com