PARIS-Orange announced Friday it will sell its 26.6-percent stake in Italian operator Wind to Enel for $1.37 billion plus a $210 million shareholders’ loan to be repaid to Orange.
The price is subject to a post-closing upward adjustment should Enel dispose of all or part of its share of Wind for a higher consideration than the Orange transaction prior to December 31, 2004.
In addition, Orange said Enel will procure at closing the repayment by Wind to Orange of its outstanding shareholders’ loan and of any other shareholder contribution made by Orange between the date of the agreement of sale and the closing date. Enel will also procure the release of financial obligations granted by Orange parent company France Telecom and Orange relative to the Wind stake.
All the joint venture agreements among Enel, France Telecom and Wind since 2000 will be terminated. Ongoing commercial relations between the French company and Wind will be maintained, Orange said.
