Orange Belgium announces the signing of a

Press release
Paris, Brussels, December 24, 2021

Orange Belgium announces the signing of an agreement with Nethys to acquire 75% less one share of VOO SA

  • After the period of exclusive negotiations started on November 22 and the approval of the Board of Directors of Enodia, Orange Belgium and Nethys today signed an agreement for the acquisition by Orange Belgium of 75% less one share of VOO SA .
  • The operation involves an enterprise value of 1.8 billion euros for 100% of the capital.
  • This acquisition represents a major step forward in the national convergent strategy of Orange Belgium and will increase investment and competition in the telecommunications sector for the benefit of customers and the competitiveness of the Walloon and Brussels regions.

VOO is a telecom operator that owns the cable network in the Walloon region and part of the Brussels region. VOO offers a portfolio of fixed and mobile telephony, broadband Internet and television services. With the acquisition of VOO, Orange Belgium will have a very high speed network in Wallonia and part of Brussels, thus strengthening the deployment of its convergent strategy at national level.

The investment plan, consisting of the modernization of the cable and the deployment of optical fiber (FTTH), and the pooling of the skills of the two companies will ensure and strengthen the quality of the VOO network over the long term. , serving customers and the competitiveness of the Walloon and Brussels regions.

Orange’s industrial project, the complementarity of its assets and its teams and the excellent working conditions within the two companies will offer interesting prospects for the employees of VOO and Orange Belgium. Orange Belgium is committed to the development of WBCC, the VOO call center, and intends to strengthen BeTV.

Nethys will retain a minority stake in VOO and governance rights to guarantee the implementation of the industrial and social project. Orange offers Nethys the possibility of converting its stake in VOO into Orange Belgium shares in order to secure the development of VOO and Orange Belgium thanks to further integration between the two companies.

The enterprise value of 1.8 billion euros for 100% of the capital corresponds to an EBITDA1 multiple of 9.5x. This transaction will generate significant synergies, mainly linked to the transfer of the MVNO activity from VOO to the Orange Belgium network. After synergies, the EBITDA multiple amounts to 6.5x. Orange Belgium, which currently has very low debt leverage, will finance this operation through an intra-Group loan.

The closing of the transaction is subject to the usual conditions precedent, including the approval of the European Commission expected in 2022. Until these approvals and the closing of the transaction are obtained, the two companies will continue to operate independently.

Mari-Noëlle Jégo-Laveissière, Deputy Managing Director of Operations of Orange Europe, said: “This acquisition strengthens Orange’s leadership in convergence in Europe and confirms the Group’s long-term commitment in Belgium. This operation is based on a strong industrial project, relying on the complementarity of Orange Belgium and VOO.

Xavier Pichon, CEO of Orange Belgium, declared: “25 years after the creation of Mobistar and 5 years after the launch of our first fixed telephony offers, this operation strengthens the deployment of the convergent strategy of Orange Belgium at national level . Our investment plan will allow the network to evolve towards multi-gigabit for the benefit of customers and the competitiveness of Wallonia and Brussels. The merger of Orange Belgium and VOO, two companies with very complementary strengths and skills , will benefit the employment and development of employees of the two companies.

For more information on the transaction, please refer to the presentation available in the financial section of the Orange Belgium corporate site on Financial news.

About Orange
Orange is one of the main telecommunications operators in the world with a turnover of 42.3 billion euros in 2020 and 137,000 employees worldwide as of September 30, 2021, including 79,000 employees in France. The Group had a total customer base of 266 million customers worldwide as of September 30, 2021, including 222 million mobile customers and 22 million fixed broadband customers. The Group is present in 26 countries. Orange is also one of the world’s leading providers of IT and telecommunications services to multinational companies under the Orange Business Services brand. In December 2019, the Group presented its new strategic plan “Engage 2025”, which, guided by social and environmental responsibility, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging businesses.
Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).
For more information on the internet and on your mobile:, or to follow us on Twitter: @orangegrouppr.
Orange and any other Orange product or service name included in this document are trademarks of Orange or Orange Brand Services Limited.

About Orange Belgium
Orange Belgium is one of the main telecommunications operators on the Belgian market, with more than 3 million customers, and in Luxembourg, through its subsidiary Orange Communications Luxembourg.
As a converging player, it provides next-generation connectivity services to residential customers through multi-gigabit mobile, cable and fiber optic networks, also linked to the Internet of Things. Its efficient mobile network is equipped with the latest technologies and benefits from continuous investments in anticipation of the arrival of 5G. As a responsible operator, Orange Belgium is also investing to reduce its ecological footprint and promote sustainable and inclusive digital practices.
Orange Belgium is a subsidiary of the Orange Group, one of the main operators in Europe and Africa for mobile telephony and Internet access and a world leader in telecommunications services for businesses.
Orange Belgium is listed on the Brussels Stock Exchange (OBEL).
For more information, visit:, or follow us on Twitter: @pressOrangeBe.

Press contact
Orange: Tom Wright; [email protected]; +33 6 78 91 35 11
Orange Belgium: Younes Al Bouchouari; [email protected]; +32 (0) 477 69 87 73
[email protected]

Investor Relations
Orange Belgium: Koen Van Mol; [email protected]; +32 (0) 495 55 14 99

1 VOO SA forecast EBITDA for 2021 under Belgian standards (no application of IFRS).

  • PR_OrangeBelgium_Voo_Signing_EN_241221

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