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Orange to Acquire 75% of Belgian Cable Firm Voo; Enterprise Value of EUR 1.8 billion; Maintain FVE

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

Orange announced it has entered into exclusive negotiations to acquire 75% of cable operator Voo in Belgium, based on an enterprise value of EUR 1.8 billion. The decision comes after Voo held conversations with 27 bidders. The acquisition price implies a 9.5 times enterprise value/EBITDA multiple before synergies (no indications on synergies have yet been provided), which we see as slightly high compared with other cable peers. We maintain our fair value estimate and no moat rating for Orange.

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Company Profile

Business Description

Orange is the incumbent telecom operator in France, formerly known as France Telecom. The company operates fixed and wireless businesses in France, where it is the market leader ahead of Iliad, Bouygues and SFR. Orange also has fixed and wireless (convergent) operations in Spain, Poland, Belgium, Luxembourg and Central Europe (Romania, Slovakia, Moldova). Around 15% of revenue comes from emerging African markets, where the company only operates wireless networks and 20% comes from the enterprise segment, which serves companies with more than 50 employees in France and internationally.

78, rue Olivier de Serres
Paris, 75015, France
T +33 144442105
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Dec 31, 2008
Fiscal Year End Dec 31, 2021
Stock Type
Employees 138,626