The landmark sale of Orange Austria to Hutchison Whampoa required structuring not usually seen in private M&A to account for simultaneous on-sale transactions.
The sale saw Hutchison 3G Austria, a subsidiary of Hong Kong-based conglomerate Hutchison Whampoa, buy France Telecom’s 35% stake and private equity firm Mid Europa Partners’ 65% stake.
Running parallel to this transaction was a second deal involving the simultaneous on-sale of part of the target’s assets. Yesss! Telekommunikation, Orange Austria's MVNO (Mobile Virtual Network Operator) subsidiary, was sold to Telekom Austria (TA), together with...