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France Telecom to Acquire Equant.
2005-02-10, HostMan.biz Communications services provider Equant (equant.com) announced on Thursday that its largest shareholder, France Telecom, will acquire Equant. The two companies have signed an agreement that will provide France Telecom with all of Equant's assets in exchange for all of its liabilities (other than certain retained liabilities relating to the Agreement) and approximately 1.26 billion euro in cash. Equant also announced it has appointed Yves Guillaumot its new CFO. The supervisory board will propose to Equant's shareholders that they appoint Yves Guillaumot a member of the company's management board. Guillaumot joins Equant from Gemplus International SA where he served in the positions of executive vice president and chief financial officer. "This transaction demonstrates the confidence France Telecom has in Equant's ability to turn the company around by delivering on its top priorities: stopping the cash drain, growing profitable sales and developing partnerships," says Charles Dehelly, president and CEO of Equant. "This evolution will make it easier to leverage the significant capabilities of France Telecom, in particular in the area of research and development." The proceeds from the assets will be handed over to Equant's ordinary and preferred shareholders and Equant NV will subsequently be liquidated. Equant's shares will then be delisted from Euronext Paris and the New York Stock Exchange. The sale proceeds for Equant assets yield an implicit price per share of Equant ordinary or preferred stocks outstanding equal to 4.30 euro. |
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