NJJ Capital to buy Swiss mobile phone operator Orange Switzerland for $2.9 bn

NJJ Capital, the private holding company of French telecoms tycoon Xavier Niel, today struck a deal to buy Swiss mobile phone operator, Orange Switzerland SA, from private equity firm Apax Apax Partners, for €2.3 billion ($2.9 billion).

London-based Apax had acquired Orange Switzerland in 2012 from France Telecom Orange for €1.6 billion and has since modernised the company's IT systems, launched its 4G commercial services, now reaching over 90 per cent of the Swiss population, and expanded its store network with 8 new stores in 2014, including a flagship store in Zurich.

Orange Switzerland is the third-largest mobile operator in Switzerland with 2.1 million customers, and boasts of having the fastest internet connection, including 4G+ with up to 300 Mbit/s,

The company has 871 employees and has more than 2700 stores across Switzerland.

Niel, the founder of France's third-largest mobile operator Iliad, has been trying to expand outside of France, and earlier this year acquired Monaco Telecom, but just two months back dropped plans of buying T-Mobile US after talks failed over valuation.

Gabriele Cipparrone, partner at Apax Partners, said, ''Orange Switzerland has been a major and very successful investment for the Apax Funds. We have no doubt that NJJ Capital is the right new partner for the company as they embark on the next stage of the company's journey and continue as a major challenger in the Swiss mobile market.''

''We would like to thank Apax for their support since 2012. They have been really instrumental in leading the company's modernisation efforts and its organisational transformation. The strategy is already generating significant benefits for the company and all of our customers. We now look forward to making further advances under NJJ Capital's ownership,'' said, Johan Andsjo, CEO of Orange Switzerland.

Xavier Niel, said, ''Since 2012, when Orange Switzerland was acquired by the Apax Funds, my team and I have followed very closely all the developments at the company.  We have witnessed the successful transformation at Orange Switzerland under Apax's leadership.  As the new owner of Orange Switzerland, NJJ Capital will provide continuity to Orange Switzerland's customers, employees and management.''