Orange Slovakia sold

France Telecom has acquired 100% of Orange Slovakia following a 36.12% purchase of shares sold by a private equity minority consortium.

The €628m deal represents an exit for the syndicate led by AIG New Europe Fund, managed by an affiliate of AIG Capital Partners, AIG Emerging Europe Infrastructure Fund, managed by EMP Europe, Polish Enterprise Fund IV, managed by Enterprise Investors, Innova/98 and Innova/3, managed by Innova Capital, Communications Venture Partners, Part’com FCPR, managed by Iris Capital, Metropolitan Life Insurance Company and the European Bank for Reconstruction and Development.

For Innova, the sale will generate a return of between 3.4x and 2.4x depending on the currency of the funds involved. The original investment dates back to 2001, when the consortium invested in what was then called Globtel.

Orange Slovakia is the largest mobile telecommunications company in the country with a 57% market share, and reported €420m in revenues last year.