Orange to Sell 50% of Newly-Created Orange Concessions
25 January 2021 - 6:18PM
Dow Jones News
By Olivia Bugault
Orange said late Friday that it has created Orange Concessions,
a company that gathers its fibre assets in rural areas in France,
and that three investors have acquired part of the new entity.
The French telecommunications company said it has entered into
an exclusive agreement with insurer CNP Assurances, EDF's
investment arm EDF Invest, and La Banque des Territoires--part of
public financial institution Caisse des Depots--for the sale of a
50% co-controlling equity interest in Orange Concessions.
The transaction should close by the end of this year and values
Orange Concessions at 2.68 billion euros ($3.26 billion), the
company said. Orange will hold a call option, meaning it could take
control and consolidate Orange Concessions in the future, it
said.
"With 23 public initiative networks representing over 4.5
million built or to-be-built plugs, Orange Concessions will be
France's leading fibre-to-the-home operator of networks rolled out
and operated on behalf of local public authorities," Orange
said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
January 25, 2021 02:03 ET (07:03 GMT)
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