Ann: Acquires Telecom New Zealand International voice business, page-3

Even though D/E will look high the market is valuing MNF far above its book value. In some respects the historical cost book value is meaningless. I also like to look at net debt to Market Cap because it shows how easily a capital raising could cover the debt. At today's market cap A$22m of debt is just 10% of the market cap.
I expect they see big synergies here in terms of being able to pay down the debt. Also with a share price re-rating if they raise capital in a year or so at higher prices it will be less dilutive. So I think they've structured it pretty well for the moment.
On my rough numbers the EPS accretion looks pretty good. Unfortunately not holding atm