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Orange Switzerland bought by British

The number three in the Swiss telecoms market has a new owner. France Télécom is selling Orange Switzerland to the British Apax holding.

The sale, agreed on Friday night, is worth SFr2 billion ($2.14 billion). It still needs approval by the Swiss authorities.

Orange Switzerland had a turnover of SFr1.3 billion in 2010.

France Télécom said the sale was an important step in its optimisation strategy. It had already announced in July that it planned to sell its Swiss unit.

Founded in 1999, Orange Switzerland had 1.6 million customers as of the end of September 2011. It employs some 1,200 people.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR