French telco giant Orange is to float its extensive cellular interests in the Middle East and North Africa regions, and mount an IPO.
A Bloomberg report says investment banks BNP Paribas and Morgan Stanley have been appointed to advise on a proposed IPO. Orange is considering a listing on the London exchange as well as on the Euronext Paris bourse.
Orange, in a statement, says that it will put all its Middle East and Africa activities into a separate entity to provide ‘various options for growth.’ An IPO is one potential scenario and the ultimate decision will depend on factors including which option will best accelerate the company’s growth, said Orange.
Orange enjoyed sales that rose 5.1 per cent last year to a total of €5.2 billion. Orange has activity in around 20 markets across the Middle East and Africa.