The French telecoms operator is following similar moves by other European companies that are looking at selling mobile networks as in valuations for infrastructure assets sky-rocket amid growing appetite from investors, such as U.S. private equity firm KKR and Spain's Cellnex. Bigger rivals Deutsche Telekom and Britain's Vodafone have separated their mast mobile assets and are seeking to sell part of them via a listing or a private sale. Shares in Vodafone, the world's second-largest mobile operator, rose as much as 10% when it announced plans to spin off its mobile masts. "Today, we believe that the value of our all of our networks isn't reflected in our stock prices," Orange Chief Executive Stephane Richard said. Orange's mobile towers could be worth around 10 billion euros ($11 billion), analysts have estimated, while Citi said their value may reach 13 billion euros, or 20 times the operating results generated by towers.