Xavier Niel buys Orange Switzerland for 2.3 billion euros
Xavier Niel continues his shopping. After having got hold of Monaco Telecom in April, the founder of Iliad will buy Orange Switzerland through NJJ Capital, one of its holding companies, for 2.3 billion euros, announces Apax Partners, which had bought the telecom operator from Orange in 2011 However, the operation remains pending regulatory approval and the transaction is expected to close at the end of the first quarter.
2.14 million customers
“Since 2012, when Orange Switzerland was acquired by funds advised by Apax, my team and I have closely followed the development of the company. We have observed the successful transformation of Orange Switzerland under the leadership of Apax. As the new owner of Orange Switzerland, NJJ Capital will provide continuity to Orange Switzerland clients as well as to its employees and management ”states Xavier Niel.
Orange Switzerland is one of the main players in mobile telephony in Switzerland with 2.14 million in the country and 4G coverage which reaches 90% of the population (according to company figures). In the end, the structure employs 871 people.
774 million euros in turnover
Over the first nine months of the year, Orange Switzerland generated sales of 933.4 million Swiss francs (774.1 million euros), down 3.2% over one year, for EBITDA of 309.3 million Swiss francs (256.5 million euros), up 1.2%.
“NJJ Capital is a long-term strategic investor, owned and managed by telecommunications professionals with proven track record in the field. Their objective will be to share and exchange best practices with the management of Orange Switzerland. Finally, my highest priority will be to manage Orange Switzerland in accordance with the environment and the specificities of the Swiss market ”continues Xavier Niel.