AXA and Apax France trade French telco asset

The private equity arm of the French insurance giant has reportedly paid €133m for 52% of Outremer Telecom from shareholders including Apax France.

AXA Private Equity has agreed to acquire a majority stake in Outremer Telecom, the Paris-based private equity group said on Monday.

AXA will purchase a 52 percent stake in the French overseas telecom company from shareholders including private equity firm Apax France, as well as Outremer founder and chief executive officer Jean-Michel Hégésippe, for €12 per share. Reuters has reported the value of the transaction as €133 million but that could not be confirmed at press time.

A spokesperson for AXA did not immediately return a request for comment.

Hégésippe and Outremer’s management team will reinvest and continue to lead the company. The sale, pending the approval of the French Competition Authority, is expected to close in the next few weeks.

Although based in France, the bulk of Outremer’s operation services telecom customers in the Antilles, Guyana and the Indian Ocean. Under Apax France’s ownership, the firm launched an initial public offering in 2007.

“We are very pleased to be joining Outremer Telecom in a new development phase and have no doubt that with Jean-Michel Hégésippe and his teams we will rise to the simultaneous challenges of growth, convergence and technological change in a stiff competitive environment,” Apax France managing director Philippe Poletti said in a statement.