Breaking News

Tweet TWEET

FRANCE TELECOM : FRANCE TELECOM:-Orange disposes its shareholding in Sonaecom, a Portuguese telecommunications operator, to

FRANCE TELECOM : FRANCE TELECOM:-Orange disposes its shareholding in Sonaecom,
              a Portuguese telecommunications operator, to Sonae

                                                                 press release
                                                       Paris, 15 February 2013

France Telecom-Orange  disposes its  shareholding  in Sonaecom,  a  Portuguese 
telecommunications operator, to Sonae

Sonae and  France Telecom-Orange  have  entered into  a  put and  call  option 
agreement on 15  February 2013 that  will allow France  Telecom to divest  its 
entire 20%  stake in  the  Portuguese telecommunications  operator,  Sonaecom. 
Sonae,  which  currently  holds  a  53.17%  stake,  is  already  the  majority 
shareholder of Sonaecom.

The call is exercisable by Sonae over the  next 18 months and the put will  be 
exercisable by  France Telecom  during  the 3  months following  this  initial 
period. They are both exercisable at the same price of 98.9 million euros. The
price could be increased to 113.5 million euros if Sonaecom participates in  a 
material  transaction  (involving  Sonaecom  or  its  material  assets)   that 
consolidates or restructures the  Portuguese telecommunications sector in  the 
24 months following the signature of the agreement.

This agreement is  subject to  the confirmation of  the Portuguese  Securities 
Commission (CMVM) that no  concerted exercise of  influence results from  this 
agreement.

This agreement secures France  Telecom-Orange's stated objective of  disposing 
of its minority shareholding in Portugal  under terms that allow the Group  to 
benefit from the potential consolidation of the Portuguese  telecommunications 
market.

About Orange
France Telecom-Orange is one of the world's leading telecommunications
operators with sales of 45.3 billion euros for 2011 and has 170,000 employees
worldwide at 30 September 2012, including 105,000 employees in France. Present
in 33 countries, the Group has a total customer base of 227 million customers
at 30 September 2012, including 169 million mobile customers and 15 million
broadband internet (ADSL, fibre) customers worldwide. Orange is one of the
main European operators for mobile and broadband internet services and, under
the brand Orange Business Services, is one of the world leaders in providing
telecommunication services to multinational companies.

With its industrial project, "conquests 2015", Orange is simultaneously
addressing its employees, customers and shareholders, as well as the society
in which the company operates, through a concrete set of action plans. These
commitments are expressed through a new vision of human resources for
employees; through the deployment of a network infrastructure upon which the
Group will build its future growth; through the Group's ambition to offer a
superior customer experience thanks in particular to improved quality of
service; and through the acceleration of international development.

France Telecom (NYSE:FTE) is listed on NYSE Euronext Paris (compartment A) and
on the New York Stock Exchange.
For more information (on the internet and on your mobile): www.orange.com,
www.orange-business.com, www.orange-innovation.tv or to follow us on Twitter:
@presseorange.
Orange and any other Orange product or service names included in this material
are trade marks of Orange Brand Services Limited, Orange France or France
Telecom.

Press contacts: +33 1 44 44 93 93
Tom Wright, tom.wright@orange.com
Olivier Emberger, olivier.emberger@orange.com

France Telecom Orange disposes its shareholding in Sonaecom to Sonae

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: FRANCE TELECOM via Thomson Reuters ONE
HUG#1678787
 
Press spacebar to pause and continue. Press esc to stop.