By Mauro Orru
Orange said Thursday that it would establish a European tower company by the end of 2021 in a bid to capitalize on passive mobile infrastructure across the continent.
The French telecommunication giant said the new company, Totem, will be run by an independent management team to be appointed in the first half of 2021, with operations starting by the end of the year.
Orange plans to retain control of Totem, which will have an initial portfolio of premium towers of around 25,500 sites in France and Spain, exploring potential deals to integrate other passive mobile infrastructure assets from Orange's footprint in the continent.
"Passive mobile infrastructure is a core asset for Orange, benefiting from exceptional operational expertise in the areas of deployment, hosting and maintenance. We are determined to keep these strategic assets within the scope of the group," Orange Chief Executive Stephane Richard said.
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(END) Dow Jones Newswires
February 18, 2021 03:07 ET (08:07 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.