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Mid Europa Partners and France Telecom/Orange to acquire One GmbH, the third mobile operator in Austria

21 June 2007

Mid Europa Partners and France Telecom announced today that they agreed to acquire 100% of Austrian mobile operator One GmbH from its existing shareholders for an enterprise value of about €1.4 billion.

This transaction, expected to close within the next three months, will be the largest industrial leveraged buy-out in Austria to date. Mid Europa will own a controlling stake in the company (65%), with France Telecom owning the balance.

One GmbH is the number three mobile operator in Austria with 2 million subscribers. The Company has established itself as a successful player in a rapidly evolving market, becoming a leader in innovation and brand perception, in particular in urban areas. Its high-quality network provides an excellent base for further development of services.

Thierry Baudon, Managing Partner of Mid Europa, said: "We are delighted to acquire this high quality asset in close partnership with France Telecom and welcome this unique opportunity to combine the strong industrial skills of a leading telecom operator with our value creation focus and regional knowledge. This will be our sixth investment in mobile telephony in the Central European region. Mid Europa and France Telecom are determined to provide strong shareholder support to enhance the market position and performance of the company in the coming years. This transaction, executed by Ioana Bendixson, Nikolaus Bethlen, Barna Papay, and Matthew Strassberg within the Mid Europa team, is further proof of our capacity to implement complex and innovative transactions in Central Europe".

 Nikolaus Bethlen, of Mid Europa Partners, said: "The acquisition of One is consistent with our strategy to broaden our Central European reach and opportunistically target leading companies in the neighbouring markets of our core investment region, such as Austria".

Mid Europa was delighted to be supported in this transaction by Bruno Ducharme, former President and CEO of Telesystem International Wireless ("TIW"), and looks forward to his continued involvement on the company's board. 

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