France Telecom to Sell Swiss Unit to Apax for $2.1 Billion

France Telecom SA agreed to sell its Orange Switzerland mobile-phone unit to buyout firm Apax Partners LLP for 1.6 billion euros ($2.1 billion), the first major step in Chief Executive Officer Stephane Richard’s plan to unload slow-growing European operations.

The deal, which is subject to approval by Swiss authorities, will be submitted to France Telecom’s board in the week starting Jan. 9, the company said in a statement today. London-based Apax beat rivals including EQT Partners AB, Providence Equity Partners Inc. and French telecommunications billionaire Xavier Niel, people with knowledge of the transaction said yesterday.