WHEN EGYPTIAN COMPANY Weather Investments bought Italy’s Wind Telecom for €12.1 billion last August, analysts heralded the deal as a benchmark transaction. It was, at that time, Europe’s biggest-ever leveraged buyout and also the largest-ever acquisition in Europe by a Middle East/Africa concern. Just as impressive is the financing strategy behind the acquisition. One element is an €825 million exchangeable bond that was issued in February.
The seven-year bond proved a big hit with investors and was several times oversubscribed.
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