Norton Rose Fulbright advises Orange on majority stake in Telekom Romania Communications

Global law firm Norton Rose Fulbright has advised French Telecoms operator Orange S.A. (Orange) on the EUR 268m acquisition of a controlling stake in fixed operator Telekom Romania Communications by Orange Romania.

The transaction includes Orange’s acquisition of the 54-percent stake owned by Deutsche Telekom’s OTE and its fixed-mobile convergent subscribers on a debt-free cash-free basis, subject to customary adjustments at closing.

The deal was signed on November 6, 2020, and completion is expected in the second half of 2021, subject to regulatory approvals and other conditions. The acquisition will enable Orange to accelerate its convergent operator strategy in Europe across the B2C, B2B and ICT markets.

The London corporate team was led by partner Oliver Stacey and also included senior associate Mark Maurice and associates Juliet Gordon and Rebecca Lander. Norton Rose Fulbright’s Head of Tax, Europe, Middle East and Asia, Dominic Stuttaford and senior associate Greg Branagan – both of whom are based in London – advised on tax aspects.