Communiqué: Orange Belgium announces the signing of an agreement with Nethys to acquire 75% minus one share in VOO SA
25 December 2021 - 1:00AM
Communiqué: Orange Belgium announces the signing of an agreement
with Nethys to acquire 75% minus one share in VOO SA
Press releaseParis, Brussels, 24 December 2021
Orange Belgium announces the signing of an agreement
with Nethys to acquire 75% minus one share in VOO SA
- Following the period of exclusive negotiations that began on 22
November and the approval of the board of directors of Enodia,
Orange Belgium and Nethys have today signed an agreement for the
acquisition by Orange Belgium of 75% less one share of VOO SA.
- The transaction is based on an enterprise value of €1.8 billion
for 100% of the capital.
- This acquisition represents a major step forward in Orange
Belgium's national convergent strategy and will increase investment
and competition in the telecommunications sector for the benefit of
customers and the competitiveness of the Walloon and Brussels
regions.
VOO is a telecom operator that owns the cable network in the
Walloon region and part of the Brussels region. VOO offers a
portfolio of fixed and mobile telephony, broadband Internet and
television services. With the acquisition of VOO, Orange Belgium
will have a very high-speed network in Wallonia and part of
Brussels, thus reinforcing the deployment of its convergent
strategy at national level.
The investment plan, consisting of cable modernisation and fibre
optic (FTTH) rollouts, and the pooling of the two companies' skills
will make it possible to ensure and strengthen the quality of VOO's
network in the long term, serving customers and the competitiveness
of the Walloon and Brussels regions.
Orange's industrial project, the complementary nature of its
assets and teams and the excellent working conditions within the
two companies will offer attractive prospects for the employees of
VOO and Orange Belgium. Orange Belgium is committed to developing
WBCC, VOO's call centre, and intends to strengthen BeTV.
Nethys will retain a minority stake in VOO and governance rights
to guarantee the implementation of the industrial and social
project. Orange is offering Nethys the possibility of converting
its stake in VOO into Orange Belgium shares to secure the
development of VOO and Orange Belgium through further integration
between the two companies.
The enterprise value of €1.8 billion for 100% of the capital
corresponds to an EBITDA1 multiple of 9.5x. This transaction will
generate significant synergies, mainly related to the transfer of
VOO's MVNO business to Orange Belgium's network. Post synergies,
the EBITDA multiple amounts to 6.5x. Orange Belgium, which
currently has a very low debt leverage, will finance this
transaction through an intra-Group loan.
The closing of the transaction is subject to customary
conditions precedent, including the approval of the European
Commission expected in 2022. Until such approvals and closing of
the transaction are obtained, the two companies will continue to
operate independently.
Mari-Noëlle Jégo-Laveissière, Executive Vice President, Orange
Europe Operations, said: "This acquisition reinforces Orange's
leadership in convergence in Europe and confirms the Group's
long-term commitment in Belgium. This operation is based on a
strong industrial project, drawing on the complementary nature of
Orange Belgium and VOO.”
Xavier Pichon, CEO of Orange Belgium, said: "25 years after the
creation of Mobistar and 5 years after the launch of our first
fixed-line offers, this operation reinforces the deployment of
Orange Belgium's convergent strategy at national level. Our
investment plan will enable us to upgrade the network to
multi-gigabit for the benefit of customers and the competitiveness
of Wallonia and Brussels. The merger of Orange Belgium and VOO, two
companies with highly complementary assets and skills, will benefit
the employment and development of the employees of both
companies.”
For further information about the transaction
please refer to the presentation that is available from the
financial section of Orange Belgium’s corporate website at
Financial news.
About OrangeOrange is one of the world’s leading
telecommunications operators with sales of 42.3 billion euros in
2020 and 137,000 employees worldwide at 30 September 2021,
including 79,000 employees in France. The Group has a total
customer base of 266 million customers worldwide at 30 September
2021, including 222 million mobile customers and 22 million fixed
broadband customers. The Group is present in 26 countries. Orange
is also a leading provider of global IT and telecommunication
services to multinational companies under the brand Orange Business
Services. In December 2019, the Group presented its new
"Engage 2025" strategic plan, which, guided by social and
environmental accountability, aims to reinvent its operator model.
While accelerating in growth areas and placing data and AI at the
heart of its innovation model, the Group will be an attractive and
responsible employer, adapted to emerging professions.Orange is
listed on Euronext Paris (symbol ORA) and on the New York Stock
Exchange (symbol ORAN).For more information on the internet and on
your mobile: www.orange.com, www.orange-business.com or to follow
us on Twitter: @orangegrouppr.Orange and any other Orange product
or service names included in this material are trademarks of Orange
or Orange Brand Services Limited.
About Orange BelgiumOrange Belgium is one of the major
telecommunication operators on the Belgian market, with over 3
million customers, and in Luxembourg, via its subsidiary Orange
Communications Luxembourg.As a convergent player, it provides next
generation connectivity services to residential customers through
multi-gigabits mobile, cable and optic fiber networks, also
relating to the Internet of Things. Its high-performance mobile
network is equipped with the latest technologies and benefits from
continuous investments preparing for the arrival of 5G. As a
responsible operator, Orange Belgium is also investing to reduce
its ecological footprint and promote sustainable and inclusive
digital practices.Orange Belgium is a subsidiary of the Orange
Group, one of the main operators in Europe and Africa for mobile
telephony and internet access and a world leader in
telecommunication services for companies.Orange Belgium is listed
on the Brussels Stock Exchange (OBEL).For more information go to:
corporate.orange.be, www.orange.be or follow us on Twitter:
@pressOrangeBe.
Press contactsOrange : Tom Wright ;
tom.wright@orange.com ; +33 6 78 91 35 11Orange Belgium :
Younes Al Bouchouari ; younes.albouchouari@orange.com ;
+32 (0)477 69 87 73press@orange.be
Investor RelationsOrange Belgium :Koen Van
Mol ; koen.vanmol@orange.com ; +32 (0)495 55 14 99
1 VOO SA's forecast EBITDA for 2021 under Belgian GAAP (no
application of IFRS).
- PR_OrangeBelgium_Voo_Signing_EN_241221
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