The French energy giant Orange has not only apologized for its CEO’s remarks implying that it would withdraw from business in Israel due to the global boycott, the firm has now signed a new contract setting forth generous terms for its Israeli franchise, Partner.
The new agreement “effectively compensates the Israeli carrier for the damage caused by CEO Stéphane Richard’s anti-Israel remarks,” according to Globes on Tuesday.
It provides for payments from Orange to Partner of up to $100 million. Partner was paying Orange $4 million annually for the use of the Orange brand.
Both Partner and Orange will have the right to terminate the current Orange brand license agreement. If Partner does not exercise its right to terminate within 12 months, either Partner or Orange may terminate the agreement during the following 12 months.
Partner chairman Adam Chesnoff said, “We are pleased to have reached a new agreement with Orange to further our 17-year relationship with the brand and to have established a new framework for our future relationship with Orange.”
Partner’s share price reflected the good news, jumping more than 2.5% on the Tel Aviv Stock Exchange.