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Orange announced Friday evening that it had created Orange Concessions, a company that brings together its fiber assets in rural areas of France, and that three investors have acquired part of the new entity.
The French telecommunications company said it has entered into an exclusivity agreement with insurer CNP Assurances, the investment subsidiary of EDF EDF Invest, and La Banque des Territoires – which is part of the public financial institution Caisse des Dépôts – for the sale of a 50% joint control stake in Orange Concessions.
The deal is expected to close by the end of this year and values Orange Concessions at 2.68 billion euros ($ 3.26 billion), the company said. Orange will hold a call option, which means it could take control and consolidate Orange Concessions in the future, he said.
“With 23 public initiative networks representing more than 4.5 million outlets built or to be built, Orange Concessions will be the leading fiber-to-the-home operator in France of networks deployed and operated on behalf of local public authorities”, Orange said.
Write to Olivia Bugault at [email protected]
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