Orange starts work toward IPO of its Africa business
November 18th 2019
Orange, France’s dominant phone company, is starting preparations for a potential initial public offering of its Africa and Middle East unit, people familiar with the matter said. The firm has been interviewing advisers for the planned share sale, according to the people, who asked not to be identified because the information is private. Orange is weighing potential listing venues including Paris and London, though it hasn’t made a final decision, the people said. Orange could sell shares of the unit as soon as next year if it proceeds, though details of the offering are still under discussion, one of the people said. No final decisions have been made, and Orange could pursue other options for the business, according to the people. A representative for Orange said the creation of a separate Middle East and Africa subsidiary “creates options” for partnerships and all scenarios including an IPO and opening up the unit’s capital can be considered. The priority today is to continue to grow the business, according to the representative.IPOs from French companies have raised US$1.41-billion this year, up from $1.26-billion during the same period in 2018, data compiled by Bloomberg shows. The company said as far back as 2014 that it was considering a separation of its African assets as price competition weighed on wireless revenue at home.