In July 1991, Hutchison Telecom, a UK subsidiary of the Hong Kong-based conglomerate Hutchison Whampoa, acquired a controlling stake in Microtel Communications Ltd, who by then had acquired a licence to develop a mobile network in the United Kingdom. Hutchison renamed Microtel to Orange Personal Communications Services Ltd, and on 28 April 1994 the Orange brand was launched in the UK mobile phone market. A holding company structure was adopted in 1995 with the establishment of Orange plc. In April 1996, Orange went public and floated on the London Stock Exchange and NASDAQ, majority-owned by Hutchison (48.22%), followed by BAe (21.1%). In June 1996, it became the youngest company to enter the FTSE 100, valued at £2.4 billion.