French telecom operator Orange is studying whether to float its African and Middle Eastern units as a way to raise money to cut debt and reinvest in Europe, the company said on Friday.
The news was first reported on Thursday by financial newspaper Agefi.
Orange, which has 91.8-million customers in about two dozen African and Middle Eastern countries, said in a statement the fast-growing regions remained a "key part" of its strategy.
"No decision has been taken regarding the exact details of any such project and no calendar has been defined," it said.
Revenues in Africa and the Middle East climbed 7.4% to €2.1-billion ($2.65-billion) in the first half of this year, compared with a decline of 4.6% to €9.6-billion in France.
Sales also fell in Poland and Spain, Orange's second and third-largest markets in Europe.
In addition to a source of growth, Orange has used Africa as a launch pad for a successful mobile money service, which allows people without bank accounts or credit cards make payments or transfers with their phones. It has some 10.8-million users.
Orange in mid-September agreed to buy Spanish broadband company Jazztel for around €3.4 billion to complement its mobile business in the country. The all-cash deal is to be financed through borrowing and a capital increase, and the company maintained a target for net debt of no more than 2 times operating profit by year end.
Orange shares were down 0.5% to €10.84 at 12:17 GMT. The shares of Europe's fifth-largest telecom operator by market capitalisation have risen 21% this year through Thursday's close, compared to a 3.3% decline for the European stock market index.