call-centre services business unit to Permira, a private equity group, for $1.5 billion--the same amount that Lucent had paid for the business in 2000. Alcatel-Lucent needed funding for the Franco-American business, which made annual losses from 2007 to 2011.

For 2011, revenues were EUR15 billion, with a net loss of EUR1.1 billion. For 2012, revenues were EUR14.4 billion and the net loss EUR1.4 billion. After seven consecutive years of negative cash