EE IPO won’t happen before 2014, says Orange
Orange has said that its IPO of EE will not take place before 2014, to allow the French mobile operator time to show improvements on its balance sheets.
Reuters reports that Gervais Pellissier, CFO, Orange Group said: "We have mandated banks with the aim of doing an IPO of 30 pct of EE, but neither owner Deutsche Telekom or ourselves are in a rush.”
Speaking of the telecoms firm’s second-quarter results, he continued: “We prefer to give the team at EE time to present the whole year of 2013 results to the markets so the IPO, if we do it, will be in 2014 and not before.”
Orange and Deutsche Telekom who own EE, Britain’s largest mobile operator, posted a second-quarter increase of 9% in earnings compared to the previous quarter.
The company is hoping to capitalise on the growing 4G roll-out in which customers tend to spend more money per month than those using 3G.