Apax sells Orange Switzerland to NJJ for €2.3bn

According to Apax, the sale is expected to generate "strong returns" for the firm.

The transaction is due to complete by the end of Q1 2015.

Under Apax's ownership, Orange Switzerland launched its 4G services – which now reach 90% of the Swiss population – and opened eight new stores this year alone, with a new flagship store located in Zurich.

Niel is the founder of Kima Ventures, a French investment firm made up of an angel investor syndicate.

Previous investment
Apax acquired Orange Switzerland in December 2011 for €1.6bn (CHF 2bn). At the time of the buyout, the company generated €1.1bn (CHF 1.3bn) in revenues and employed 1,170 staff.

Company
Founded in 1999 and headquartered in Renens, Orange Switzerland is a mobile operator that claims to have a customer base of around 2.1 million. The company has 2,700 outlets across Switzerland.

Orange Switzerland employs 870 staff.

People
Johan Andsjo is the CEO of Orange Switzerland. Gabriele Cipparrone is a partner at Apax. Xavier Niel is the CEO and founder of NJJ.

Equity
Acquirer – Lazard (M&A); BNP Paribas (M&A); Niederer Kraft & Frey (Legal); Shearman & Sterling (Legal); MNKS (Legal); KPMG (Financial due diligence).
Vendor – Credit Suisse (M&A); Simpson Thacher & Bartlett (Legal); Bär & Karrer (Legal); PwC (Financial due diligence).
Vendor – Simpson Thacher & Bartlett, Mike Wolfson, Ian Barratt, Nick Shaw (Legal); Bär & Karrer (Legal); Credit Suisse (Corporate finance).

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