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Mid Europa Announces Agreement for The Sale of Orange Austria to Hutchison 3G Austria
03 February 2012
Mid Europa Partners ("Mid Europa") announced today that,
together with France Telecom-Orange, it has entered into a binding
agreement for the sale of their combined 100% stake in Orange
Austria to Hutchison 3G Austria ("Hutchison"), a subsidiary of
Hutchison Whampoa Limited. Mid Europa currently holds a 65% stake
in Orange Austria and France Telecom-Orange a 35% stake. The
agreement implies an enterprise value of approximately €1.3 billion
for Orange Austria.
As part of the overall transaction, Hutchison will sell
frequencies, base station sites, the mobile phone operator Yesss!
Telekommunikation GmbH ("Yesss!"), as well as certain intellectual
property rights to Telekom Austria Group immediately after the
acquisition of Orange Austria. Hutchison has also agreed to pay a
€70 million integration-related performance-based consideration to
Mid Europa two years post closing of the transaction.
Thierry Baudon, Managing Partner, commented: "We believe that
the proposed transaction is in line with the global consolidation
trend in the mobile industry and represents the best solution for
Orange Austria's subscribers, employees as well as shareholders.
The Austrian mobile market will benefit from the establishment of
three large mobile operators with first class networks, sufficient
spectrum as well as scale necessary to make future investments and
the resulting service offerings and quality levels will become
increasingly visible to their customers." The completion of these
transactions remains subject to the approval by the relevant
regulatory and anti-trust authorities.
Closing is expected to take place in mid 2012. Orange Austria is
a mobile operator in Austria with estimated 2011 revenues of
approximately €500 million and a total customer base of 2.3 million
at the end of 2011. The company employs almost 800 people.
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