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    OBEL   BE0003735496

ORANGE BELGIUM S.A.

(OBEL)
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Real-time Euronext Bruxelles  -  11:35 2022-09-28 am EDT
18.00 EUR    0.00%
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Orange's Belgian deal set for full-scale EU probe -source

07/27/2022 | 03:41pm EDT

BRUSSELS, July 27 (Reuters) - French telecoms provider Orange's bid for a majority stake in Belgian peer VOO SA will face a full-scale investigation by EU antitrust regulators, a person familiar with the matter said on Wednesday, which Orange subsequently confirmed.

The planned acquisition of 75% of VOO valuing the company at 1.8 billion euros ($1.82 billion) and announced in November underscores Orange's strategy of offering "onvergent offers" in both broadband and mobile to customers in all European countries.

In recent years the telecoms sector has seen operators embark on packages encompassing both broadband and mobile to entice users and grab market share.

The European Commission's preliminary scrutiny of the deal ends on Thursday, which will immediately trigger a four-month investigation because Orange did not provide concessions to address its concerns, the person said.

Orange said: "The opening of this phase is a new step during which we will have the time and the opportunity to demonstrate to the Commission that this transaction is beneficial for the sector and will make it possible to sustainably strengthen competition throughout Belgium."

The Commission declined to comment.

The VOO deal would give Orange control over the cable network in Belgium's French-speaking Wallonia region and part of the Brussels area, pitting it against rival Telenet.

The French company's Belgian unit Orange Belgium owns its cellular network, but has costly contracts with rivals in order to offer broadband services on top of mobile contracts.

($1 = 0.9866 euros) (Reporting by Foo Yun Chee; Additional reporting by Mathieu Rosemain in Paris; Editing by Jan Harvey and Marguerita Choy)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ORANGE -0.11% 9.497 Real-time Quote.1.00%
ORANGE BELGIUM S.A. 0.00% 18 Real-time Quote.-9.55%
TELENET GROUP HOLDING NV 0.65% 13.96 Real-time Quote.-56.74%
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07/28EU Launches Full-scale Probe Into Orange Belgium-VOO Deal
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07/27Orange's Belgian deal set for full-scale EU probe -source
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07/27EU Commission Said to Refer Orange Belgium-VOO Deal to In-Depth Probe
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07/27Orange's Belgian deal set for full-scale EU probe - source
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07/22Transcript : Orange Belgium S.A., H1 2022 Earnings Call, Jul 22, 2022
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07/22Sustained financial performance despite macro-economic context and competitive environm..
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Financials
Sales 2022 1 395 M 1 346 M 1 346 M
Net income 2022 77,7 M 74,9 M 74,9 M
Net Debt 2022 120 M 116 M 116 M
P/E ratio 2022 14,4x
Yield 2022 3,56%
Capitalization 1 079 M 1 041 M 1 041 M
EV / Sales 2022 0,86x
EV / Sales 2023 0,79x
Nbr of Employees 1 321
Free-Float 23,2%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 18,00 €
Average target price 21,68 €
Spread / Average Target 20,5%
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Managers and Directors
Xavier Pichon Chief Executive Officer
Arnaud Castille Chief Financial Officer
Johan Deschuyffeleer Chairman
Stefan Slavnicu Chief Technology Officer
Javier Diaz Sagredo Chief Transformation & Digital Officer
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