... Adecco Group AG is acquiring Belgium-based engineering research and development talent solutions Company AKKA Technologies SE for an enterprise value of 2 billion. - To finance the acquisition, Adecco is placing 302 million of ordinary equity (of which 232 million has recently been completed) and issuing 500 million of seven-year senior unsecured notes, 500 million of 10-year senior unsecured notes, and 500 million of new subordinated hybrid capital securities. - We are assigning our '###+' issue rating to the proposed senior unsecured notes, in line with the issuer credit rating and existing rated debt. - We are assigning our '###-' issue rating to the proposed hybrid securities to reflect its subordination and optional deferability. We expect to classify the hybrid as having intermediate equity content, only once the acquisition closes....
