Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
A holding company owned by French businessman Xavier Niel has agreed to pay 2.8 billion Swiss francs (€2.3 billion) for Orange Switzerland.
Niel’s NJJ Capital will buy the mobile operator from Apax Partners, which has controlled it for the past three years. Orange deemed its Swiss business to be a non-core asset and sold it to Apax for around €1.6 billion in the first quarter of 2012.
NJJ Capital expects to close the acquisition in the first quarter of next year.
“Since 2012, when Orange Switzerland was acquired by the Apax Funds, my team and I have followed very closely all the developments at the company,” said Niel, who is founder and CEO of NJJ Capital.
Under Apax’s control, the company has modernised its IT systems, launched 4G services to 90% of the population, and expanded its retail footprint.
Johan Andsjo, CEO of Orange Switzerland, thanked Apax for its support over the past three years.
“They have been really instrumental in leading the company’s modernisation efforts and its organisational transformation. The strategy is already generating significant benefits for the company and all of our customers,” he said. Original post at Total Telecom