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Success stories

23/01/2015

Societe Generale supports Xavier Niel’s NJJ Capital in their Acquisition of Orange Switzerland

SG CIB has leading roles in supporting this strategic transaction of the telecom sector.

SG CIB has acted as Coordinator, Bookrunner and Mandated Lead Arranger in the CHF1.8bn equivalent debt package backing the acquisition of Orange Switzerland by Xavier Niel’s investment vehicle NJJ Capital. SG CIB has also acted as Left Lead and joint Solicitation Agent on the consent solicitation, Rating Advisor and Hedge Provider and will also take over the role of Facility and Security Agent in the super senior revolving credit facility.

At the end of November 2014, NJJ Capital, Xavier Niel’s investment vehicle which recently invested in Monaco Telecom (for which SG CIB acted as Mandated Lead Arranger, Bookrunner and sole hedge provider of the €150m acquisition finance), entered into discussions with Apax for the acquisition of 100% of their shares in Orange Switzerland, leading to the signing of a SPA on December 17th.This transaction values the company at an enterprise value of CHF 2.8bn (EUR 2.3bn).

Orange Switzerland is the #3 Swiss mobile operator in terms of subscribers and revenues with 2.2m subscribers (or 18% market share) as of H114. The company was 100% acquired by Apax from France Telecom in 2012 for c. CHF 2.0bn.

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