France, September 27, 2006  — Shearman & Sterling represented Neuf Cegetel, the leading alternative telecommunications operator in France, in connection with its agreement with Time Warner to acquire AOL's French internet access business, including 500,000 broad band customers and AOL's customer service center in Marseille.  The total consideration  for the purchase was €288 million ($365 million) in cash.   The parties also entered into an agreement pursuant to which AOL will provide audience services and manage the online advertising sales for Neuf Cegetel's internet portal audience.

The agreement was signed on September 20, 2006, and is subject to the approval of the French competition authorities expected to be obtained by the end of October.

Attorneys included partners Niels Dejean (PA-TX) and Robert Treuhold (PA-CM/MA),  European counsel Jean-Mathieu Cot (PA-AT) and associates Alice Blanchet (PA-AT), Christophe Delrieu (PA-TX), Pascal Gianardi (PA-AT), Frédéric Giancarli (PA-MA), Mickaël Goupil (PA-MA) and Maud Lefeuvre (PA-MA).