Orange : Our scenario to unlock value with Totem-TDF
>Three factors in favour of an Orange-TDF tie-up - Brookfield is considering selling its 45% stake in TDF according to press reports (here). We see Orange as a serious candidate to link up with TDF: 1/ Orange, which owns 18,500 towers in France through its Totem subsidiary, is the best possible partner for TDF (19,229 sites of which 7,800 are directly owned) to deliver synergies while an offer from the leader Cellnex would likely see the anti-trust authorities calling...Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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