Moody's takes note of Orange Austria acquisition

Moody's Investors Service said it is taking note of the proposed acquisition of Orange Austria by Hutchison Whampoa Ltd. (HWL) subsidiary, Hutchison 3G Austria ("3 Austria"), the mobile telecommunications operator in Austria.

"While the binding agreement to acquire is premised on a gross enterprise value of approximately €1.3 billion and a net consideration of €0.9 billion, which is relatively small in the context of HWL, it could, depending on the final form of funding, place pressure on HWL's already stressed metrics. Moody's notes that the final form of funding is yet to be decided and as such the agency will continue to monitor the transaction carefully," Moody's vice president and senior credit officer Laura Acres said in a news release.

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