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Paris (pte034/14.04.2005/12:30) - France Telecom http://www.francetelecom.com has announced today that it will increase its stake in Orange Romania. As the company reports in a press release on its website, it has reached an agreement with a group of minority shareholders in Orange Romania to acquire their shares for a total cash consideration of 523 million dollars. Following the transaction, France telecom's indirect stake in Orange Romania will increase from 73.27 per cent to 96.63 per cent, the company said.
According to the company, this transaction will enable both France Telecom and Orange to consolidate their position in one of their key assets with high growth prospects. With a 48 per cent market share, revenue growth of 47 per cent between 2003 and 2004 and an EBITDA margin of 54 per cent, Orange Romania is a leader in its market.
The sellers include a consortium of financial investors led by AIG New Europe Fund, a 320 million dollar fund managed by an affiliate of AIG Capital Partners. Other members of the consortium include Polish Enterprise Fund and Polish Enterprise Fund IV managed by Enterprise Investors, Innova/98 managed by Innova Capital, Communications Venture Partners, BancBoston capital, Societe Generale Romania Fund and Alcatel. According to France Telecom, sellers were advised by Ph. Villin Conseil and Edmond de Rothschild Corporate Finance.
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