On Nov. 2, 2017, Luxembourg-based debt collection company Garfunkelux Holdco 2 S.A., which trades as Lowell, announced that it has entered an agreement to acquire the Nordic carve-out business from Intrum Justitia AB. We understand that the company plans to fund the acquisition with new debt issued by Garfunkelux Holdco 3 S.A. (Garfunkelux 3), and with equity from its financial sponsor, and is expected to complete in the first half of 2018, subject to the relevant regulatory approvals. The transaction will lead to a moderate weakening in credit metrics and delay potential deleveraging in the near term, but over time we think that successful integration will add to the group's scale and business diversity. We are therefore revising our outlook
