Orange Belgium enters into exclusive negotiations with Nethys for the acquisition of 75% of the capital less one share of VOO SA

Following a competitive selection process, Orange Belgium was chosen by Nethys to enter into exclusive negotiations for the acquisition of 75% of the capital minus one share of VOO SA based on an enterprise value of €1.8 billion for 100% of the capital.

VOO SA is a telecoms operator that owns the cable network in the Walloon region and part of the Brussels region. VOO offers a portfolio of fixed and mobile telephony, broadband Internet and television services.

After 25 years of Orange's presence in Belgium, the acquisition of VOO will enable Orange Belgium to operate a very high-speed network in Wallonia and part of Brussels, thereby reinforcing the deployment of its convergent strategy at a national level.

The ambitious investment plan and the combination of both companies’ competences will make it possible to ensure and strengthen the quality of VOO's network in the long term, serving customers and the competitiveness of the Walloon and Brussels regions.

Orange's industrial project, the complementary nature of its assets and teams and the social culture of the two companies offers an attractive outlook for employees of both VOO and Orange Belgium.

The enterprise value of €1.8 billion for 100% of the capital corresponds to an EBITDA1 multiple before synergies of 9.5x.

Orange Belgium, which currently has very low leverage, would finance this transaction by increasing its debt, with the support of Orange SA.

No further comment can be given on the process at this stage. Further details of the transaction will be disclosed at the time of signing.

 

 

1Based on VOO's EBITDA forecast for 2021.

 

 

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About Orange Belgium

 

Orange Belgium is one of the major telecommunication operators on the Belgian market, with revenues of 1,749 million euros in 2023 and over 3 million customers on 31 December 2023, and in Luxembourg, via its subsidiary Orange Communications Luxembourg. Thanks to its own fixed and mobile networks, Orange Belgium offers both residential and business customers fixed and mobile connectivity services and convergent offerings (internet, telephony, television, including original TV content: Be tv, VOOsport, etc.). As a responsible operator, Orange Belgium invests to reduce its ecological footprint and promote sustainable and inclusive digital practices. Orange Belgium is also a wholesale operator, offering its partners access to its infrastructure as well as a broad portfolio of connectivity and mobility services, including offerings based on Big Data and the Internet of Things (IoT).

Orange Belgium is a subsidiary of the Orange Group, present in 26 countries with a total customer base of 298 million customers worldwide on 31 December 2023. The Group is also a leading provider of global IT and telecommunication services to multinational companies under the brand Orange Business.

Orange Belgium is listed on the Brussels Stock Exchange (OBEL).

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