France Telecom-Orange has sold its trading communications business to US private equity operator Gores Group and management for an undisclosed amount.
Employing over 450 people in major financial centres, Orange Business Services - Trading Solutions competes with BT and IPC in the market for trading turrets and associated voice services to buy and sell-side firms worldwide.
Headquartered in Paris, France, the business will be rebranded Etrali Trading Solutions and operate under the continued leadership of CEO Lionel Grosclaude.
The Gores Group current portfolio includes companies in technology, telecommunications, business services, industrial, healthcare, media & entertainment, and consumer products.
Jon Gimbel, principal of The Gores Group, says of the acquisition: "We look forward to partnering with Lionel Grosclaude and his team to help position the business as a standalone entity and accelerate its growth, both organically and through acquisitions.".
Grosclaude says the business will gain access to significant investment capital under its new ownership that "will allow us to broaden our product portfolio and provide the increasing amount of services that our customers demand".