Telekom Austria AG (WBAG: TKA) agreed to acquire YESSS! Telecommunikation GmbH, certain frequencies, base station sites and intellectual property rights from Hutchison 3G Austria GmbH for €390 million on February 2, 2012. In a related transaction, Hutchison 3G Austria GmbH has entered into a binding agreement to acquire Orange Austria Telecommunication GmbH from Mid Europa Fund III, L.P. of Mid Europa Partners LLP and Orange S.A. for €1.3 billion. The completion of the transaction remains subject to the approval by the relevant regulatory and anti-trust authorities. The deal also depends on Brussels, because only if the European Union approves the acquisition of Orange by Hutchison 3G, is the sale of Yesss! to Telekom Austria conclusive. The completion is expected to take place in mid 2012.

As of November 27, 2012, the transaction was approved by the Austria's Cartel Court. As of December 21, 2012, Austrian Federal Competition Authority and the Federal Cartel Attorney announced that they will not file an appeal against the decision of the Austrian Cartel Court. BofA Merrill Lynch acted as financial advisor and Albert Birkner of Cerha Hempel Spiegelfeld acted as legal advisor to Telekom Austria AG. Bertram Burtscher, Konrad Groeller, Axel Reidlinger, Thomas Wessely, Michal Dobrowolski, Mag. Alexander Opereny and Lutz Riede of Freshfields Bruckhaus Deringer acted as legal advisor to Hutchison. Deloitte Financial Advisory GmbH acted as financial advisor for Telekom Austria AG.

Telekom Austria AG (WBAG: TKA) completed the acquisition of YESSS! Telecommunikation GmbH, certain frequencies, base station sites and intellectual property rights from Hutchison 3G Austria GmbH on January 3, 2013.