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France Telecom, TDC to merge Swiss operations76 days ago
(AP:PARIS) France Telecom said Wednesday it will pay euro1.5 billion to Danish telecoms group TDC as part of a deal to merge their respective operations in Switzerland.
France Telecom's Orange Switzerland will merge with Sunrise Communications of TDC to build "the leading nationwide alternative provider" of telecom services in the country. Rival Swisscom is the market leader.
France Telecom said in a statement that it will become a 75 percent shareholder and TDC will hold the rest.
A company would unite 3.4 million mobile customers and 1.1 million fixed-line and broadband customers, with annual pro forma revenues of 3.1 billion Swiss francs (euro2 billion) last year.
If cleared by regulatory and antitrust authorities, the deal is expected to close by February.
France Telecom shares were up 1.47 percent at euro17.30 in Wednesday morning trading in Paris.
Shares of TDC soared 10.6 percent to 250 Danish kroner on the NASDAQ OMX Copenhagen exchange.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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