Orange completes first stage of two staged acquisition of Dailymotion

As part of a staged acquisition process, in January 2011 Orange, the French telecomms provider, announced it would buy a 49% stake in the online video company Dailymotion, for €58.8 million ($80 million), giving the company a full valuation of €120 million ($160 million).

This stage of the acquisition process was signed on 17th April and Orange will have the option to buy the remainder of the company in 2013.

Peter Baines, General Partner, Advent Ventures led the Dailymotion investment for Advent and will remain on the Board.