Hungary’s HTCC acquires Austrian peer
Listed telco/ISP Hungarian Telephone and Cable Corp. announced in a press release, that it has completed the purchase of Austrian-based Memorex Telex Communications AG.
The purchase price was €30.1 million ($46.3 million) to the selling shareholders of Memorex Telex Communications AG. for their 95.7% equity interest plus the assumption of the firm’s debt. Hungarian Telephone and Cable Corp. funded the acquisition and the refinancing of the assumed Memorex debt with a subordinated bridge loan facility arranged by Merrill Lynch and BNP Paribas. HTCC intends to subsequently replace the bridge loan facility with longer term financing. HTCC also intends to buy out the remaining minority shareholders in Memorex. (press release)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.