Orange S.A. (ENXTPA:ORA) is bringing its operations in the Middle East and Africa into a single entity, paving the way for a potential listing of the operations that could raise cash to invest in overseas expansion. “Orange has decided to bring together all our regional activities in a single company, OMEA (Orange Middle-East and Africa), to create a separate entity and provide the Group with various options for growth,” Orange said in a statement, following the inauguration of its local headquarters in Casablanca, Morocco. “An initial public offering of OMEA is one of these potential scenarios, and the decision will depend on a number of factors, including strategic opportunities and market orientation, always with the central criterion of accelerating the growth of this business,” it said. Orange has been weighing a listing of its operations there for about six years. At Orange’s last investor day in December, Chief Executive Officer Stéphane Richard said the group was “technically ready” for a potential listing of the combined operations, adding a possible expansion in Ethiopia could be a catalyst for the initial public offering. The combined enterprise value of the operations amounts to about €10 billion, an analyst said. That valuation was echoed by a source close to the matter, who confirmed earlier reports that Morgan Stanley and BNP Paribas were working as global coordinators for a listing. Morgan Stanley had no immediate comment. BNP Paribas declined to comment.