Jefferies Financial Group agrees sale of OpNet operations to Wind Tre

Jefferies Financial Group agreed to the sale by OpNet, the Italian wireless broadband provider formerly known as Linkem, of substantially all of OpNet’s operations to Wind Tre, a subsidiary of CK Hutchison Group Telecom Holdings, or CKHGT. The sale consideration will be EUR485M, subject to certain adjustments, that will consist of cash in an amount sufficient to satisfy all of OpNet’s financial debt, transaction costs and other cash obligations and approximately EUR225M to be paid also in cash or, at CKHGT’s election, in three-year notes issued by CKHGT that are similar to CKHGT’s publicly listed investment-grade bonds and are marketable. In addition to the consideration of the CKHGT notes, OpNet will retain majority ownership in other operating telecom companies, resulting in approximately EUR320M in final value to Jefferies from this transaction. This sale is subject to regulatory approvals and is anticipated to close in Q2 or Q3.