Orange S.A. (ORANY,ORA.PA,ORAN), on Tuesday, announced the signing of a 1.3 billion euros financing agreement with CaixaBank, S.A. (CABK.MC) and BNP Paribas SA (BNP.PA, BNPQY) to fund the acquisition of Scorefit.
The financing is structured as a five year agreement, which will support the exercise of the company's option to acquire Scorefit shares for a total of 1.3 billion euros.
Scorefit is fully owned by a subsidiary of BNP Paribas, which holds fiber access purchased on the wholesale market in France for Orange.
The company said the transaction will simplify its financial structure and deliver a positive value effect.
The company said the operations form part of the implementation of its efficiency plan and the financial trajectory of its copper-to-fiber transition outlined at the Capital Markets Day.
The the operations are expected to strengthen financial flexibility.
On Tuesday, Orange closed trading 0.75% higher at EUR 17.52 on the Paris Stock Exchange.
On Tuesday, BNP Paribas closed trading 1.51% higher at EUR 91.52 on the Paris Stock Exchange.
On Tuesday, CaixaBank closed trading 2.41% higher at EUR 10.61 on the Madrid Stock Exchange.
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