Orange to dispose Orange Switzerland

France-based telecom, Orange has come to terms with Apax Partners for the disposal of Orange Switzerland. The parties agreed on an enterprise value of CHF2.0 billion (€1.6 billion), corresponding to a multiple of 6.5x Orange Switzerland's estimated 2011 EBITDA, said a release on company's website.

The transaction, which is subject to the approval of the Swiss competent authorities will be submitted to the Board of Directors of France Telecom for approval during the week commencing on January 9, 2012, added the release.

Upon completion, this transaction would constitute a significant step in the optimization of France Telecom's assets portfolio announced in May 2011.

Orange Switzerland was established in 1999 and became one of the leading mobile operators in Switzerland. The company posted revenue of CHF1.3 billion (€1.1 billion) in 2010 and had a customer base of 1.6 million at the end of September 2011. The company employs approximately 1,200 people.